Exciting news! President Biden signed the ABLE Age Adjustment Act on December 24, 2022. This bill passed Congress with bipartisan support. The ABLE Age Adjustment Act will increase the number of people who will be eligible for an ABLE account by raising the age of onset of a disability from 26 to 46, thereby including an estimated six million more Americans, including one million veterans, beginning January 1, 2026.
A Pennsylvania ABLE account makes it possible for individuals with disabilities to save safely while maintaining important government benefits. ABLE account monies can be used for housing, transportation, and assistive technology. The monies in an ABLE account do not count as assets. Additionally, the earnings from the account are not taxed.
Disability advocates across Pennsylvania, including Susan Tachau, Chief Innovation Officer of PATF, are hailing Congress’s passage of the bill.
“This is wonderful news. When the ABLE Age Adjustment Act becomes law, millions of newly eligible individuals will be able to save safely, and dream and plan for their future without fear of losing critical government benefits, Tachau said. Whether using their account for day-to-day living expenses or saving for assistive technology, such as an adapted vehicle, or for a home of their own, the ABLE program recognizes the importance of empowering individuals with disabilities with the ability to build a better economic future for themselves and their families.”
Senator Bob Casey was the lead sponsor of legislation to expand ABLE account eligibility. PA State Treasurer Stacy Garrity applauds the bipartisan support for the ABLE Age Adjustment Act.
“It’s a great day for people with disabilities not only in Pennsylvania, but those across the country, who will now have the ability to save for the future without jeopardizing benefits they currently rely on, Treasurer Garrity said. As a veteran, I’m especially grateful to know that my disabled brothers and sisters in arms, many of whom suffered disabilities after their 26th birthday while defending our great nation, will now have access to ABLE accounts and the tax advantages that come with them.”
Click the link to read the full news release: https://www.patreasury.gov/…/12-27-Passage-of-ABLE-Age….
Learn more about PA ABLE at: https://www.paable.gov.
Learn more about the ABLE National Resource Center at: https://www.ablenrc.org
One of the reasons we love ABLE is because assistive technology (AT) counts as a qualified expense! Learn more about how PATF can help you find funding for AT and learn how to manage your money.