December 10, 2014
When an individual is approved for Social Security Disability benefits there are strict rules that regulate how much assets and income he or she can have at any given time. Under the current law, Social Security Disability recipients are only allowed $2,000 in cash or assets. Furthermore, these individuals can typically earn no more than $680 per month.
These financial constraints leave many disabled Americans unable to pay for medical bills, transportation, an education, or even buy a home. This is why federal officials are considering a bill that would revamp the rules that govern the finances of disabled Americans.
The Achieving a Better Life Experience (ABLE) Act would allow disability recipients to open a tax-free savings account capped at $100,000. Deposits of up to $14,000 could be made with no penalty.
The bill was unanimously passed through the House of Representatives, and according to West Virginia Metro News, is expected to be examined by the Senate as early as this week.
At Stewart & Stewart Attorneys, we understand the financial struggles that can come with relying on Social Security Disability benefits. That’s why our Social Security Disability attorneys are hopeful the new measures will alleviate the financial strain many disabled Americans face.