Overview

 
 

Today, one in six Americans live with a disability, yet these individuals are not well represented in the workforce or the financial system. In order to expand community inclusion for people with disabilities, we must provide better financial tools and education.

People with disabilities are a critical part of the national conversation on diversity, equity, and inclusion.  We can foster greater empowerment for this community by removing financial barriers and poverty-level limitations. People with disabilities should be able to invest in their long-term financial well-being.

In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Act, creating a savings and investment account specifically for people with disabilities

ABLE accounts allow people with disabilities to save money that is not counted towards asset limitations set by means-tested benefit programs such as Medicaid or SSI. “Asset limits” prevent people with disabilities from saving money beyond $2,000 (a typical asset limit) and planning for their future.

Anyone can contribute to an ABLE account – including the account owner, friends, family, organizations, nonprofits, and employers – up to $18,000 per year as of 2024. If the account owner is working and not already contributing to a workplace retirement plan, they can contribute an additional amount equal to their current year’s gross income - for 2024 the amount is up to a maximum of $32,580 for the 48 contiguous States and District of Columbia; $34,770 for Hawaii; and $36,210 for Alaska.

There are lifetime balance limits for the various state ABLE Programs, which range from around $300k to over $500k.

Through an ABLE account, imagine for the first time having: 

  • The opportunity to save over a $2,000 limit;

  • The ability to accumulate wealth without jeopardizing eligibility for benefit programs;

  • The ability to save for a down payment on your first home;

  • The choice to work more for the chance to earn more income; and

  • The empowerment of changing your financial plan from monthly to yearly.

ABLE accounts are one of the most impactful public policies for people with disabilities since the Americans with Disabilities Act (ADA) of 1990.

ABLE today, as part of the NAST Foundation, seeks to support people with disabilities and the ABLE Program providers, including 46 states and the District of Columbia, by:

  • Executing a collaborative, national effort for expanding ABLE outreach and partnerships;

  • Educating people with disabilities, families, caregivers, support providers, schools, the legal industry, and financial professionals on the benefits of ABLE accounts;

  • Highlighting ABLE as an actionable tool towards DEIA for companies; and

  • Driving a significant increase in enrollment across ABLE Programs, including through engagement opportunities with organizations and programs that support diversity (socioeconomic status, race, ethnicity, language, and/or disabilities).

Coordinating a national campaign with ABLE Programs will increase the awareness in these impactful accounts and foster the opportunity for people with disabilities to save and invest in their future. ABLE today will expand on the advocacy work for people with disabilities through engagement and outreach on how ABLE accounts can serve as a key financial tool for people with disabilities.