Increasing awareness still important to help more individuals and families improve their financial well-being.
COLUMBIA, S.C., Sept. 20, 2023 /PRNewswire/ -- National Disability Employment Awareness Month begins in October, and South Carolina's State Treasurer Curtis Loftis says continued growth in ABLE savings accounts are helping create more stability, peace of mind and independence for hundreds of thousands of individuals with disabilities.
"Many families with established ABLE accounts have shared how these plans are a significant game-changer for them," State Treasurer Loftis said. "Like many states, we have seen significant growth and interest in these accounts over the years as one in six Americans live with a disability. There are many more who could benefit from these plans, and we continue sharing success stories in hopes of motivating more families to explore this important financial tool."
Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014, creating a savings and investment vehicle designed specifically for people living with disabilities. Today, ABLE accounts are accessible in all 50 states plus the District of Columbia. As of June 30, 2023, there were 151,164 accounts with more than $1.5 billion in assets under management.
Loftis serves as the administrator of the Palmetto ABLE Savings Program, which allows South Carolinians with disabilities to save for their everyday needs and invest in a tax-free account without fear of losing their state or federal benefits, such as Supplemental Security Income (SSI) and Medicaid.
In South Carolina, contributions to a Palmetto ABLE account are tax deductible on state income tax returns, earnings grow tax free, and the funds are exempt from taxes when used for qualified expenses. Account holders can contribute up to $17,000 annually and employed account owners can contribute up to an additional $13,590, which can make a significant difference. One Palmetto ABLE account owner recently used funds in his account to purchase his first home.
"As we promote the importance of National Disability Employment Awareness Month, I encourage families to explore the opportunities an ABLE account may provide for their loved ones," Loftis added. "Everyone wants to enjoy peace of mind, independence, and financial security. That's increasingly more attainable today with ABLE accounts."
For more information about ABLE savings accounts in your state, visit ABLEToday.org.
803.734.2549 | 803.722.8602
SOURCE South Carolina State Treasurer's Office
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