For too long, people with disabilities could not save for the future out of fear of losing needed government benefits. The disability community fought long and hard to change this, and together they’ve come up with a solution. The Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act) established the creation of ABLE accounts for individuals with disabilities.
Launched in December 2016, the Oregon ABLE Savings Plan will provide tax-advantaged savings accounts for individuals and their families to save for qualified disability expenses without losing their federal and state benefits. An Oregon ABLE Savings Plan is a way to save for eligible expenses, invest for the future and keep the benefits you rely on every day.
The mission is to help everyone with an eligible disability be empowered to make decisions with their money that impacts their health, independence and quality of life so that they can be ready for whatever tomorrow may bring.
- ABLE accounts are available to individuals diagnosed with a disability before the age of 26
- $100,000 can be saved within an ABLE account without the assets affecting SSI
- $310,000 can be saved within an ABLE account without the assets affecting all other state and federal benefits
- $14,000 can be contributed to an ABLE account each year
- All growth within the accounts are tax-free
- Contributions to accounts for beneficiaries under the age of 21 are tax deductible up to $4,620 for joint filers and $2,310 for single filers for tax year 2016
- Funds from an ABLE account can be used tax-free for qualified disability expenses such as health, education, housing, transportation and more