What is the ABLE Act?
Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Medicaid for their basic needs, but this assistance can be limiting. Those receiving much needed benefits, like SSI, are restricted to having only $2,000 in assets, essentially forcing them to live in poverty.
The Stephen Beck, Jr. Achieving a Better Life Experience Act, known as the ABLE Act, was passed by Congress in 2014 and allows states to create tax-advantaged savings programs for people with disabilities. After the ABLE Act was passed, people with eligible disabilities could finally save for their everyday needs, invest in a tax-free account, and prepare for the future without losing their state or federal benefits.
The state of Oregon established the Oregon ABLE Savings Plan in 2016 to support eligible residents and their families and provide resources to help them reach their financial goals.
