MCRAE: CAPABLE of saving a month | Mississippi Politics and News
By: Treasurer David McRae
August is CAPABLE of saving, a time to highlight a savings program that is very special to me and the whole Treasury team.
For those unfamiliar with the ABLE Savings Program, prior to 2014 Americans with disabilities were extremely limited in the amount they could save. In fact, just $ 2,000 in savings could prevent someone from receiving other needed support.
In December 2014, however, things changed. Congress passed the ABLE Act, giving thousands of Mississippi families a path to greater financial stability.
Today, people with disabilities and their families can open an ABLE account, saving them money without compromising the necessary benefits. These are tax-advantaged accounts that can be used to pay for disability-related expenses, including education, housing, transportation, training and employment support, assistive technology, support services. personal support, health expenditure, financial management, administrative services, etc.
To be eligible for an ABLE account, disability must have occurred before the beneficiary turns 26. If you or your loved one meet these criteria and receive SSI or SSDI benefits, you are automatically eligible to open an ABLE account. Even if you do not meet these criteria, you may still be eligible, but additional documents will be required before you register.
Once you have opened an ABLE account, the beneficiary, as well as their family and friends, can contribute. Then families or the beneficiaries themselves can choose how the money is invested, giving you the flexibility to grow your savings over time.
If you think an ABLE account would be of benefit to you or a member of your family, you can call my office at (601) 359-3600. We are ready to help more Mississippians become ABLE to save.