McRae calls for congress to pass ABLE Age Adjustment Act for those who are disabled, extending the savings account up to age 46.
On Tuesday, McRae implored Congress to allow for the act to move through. This would impact individuals who have a disability that presents before the age of 26, or the “age of onset” He said if the Act is passed that age would be pushed to 46 which would allow 6 million Americans access to those accounts.
“Since 2014, thousands of Americans have achieved greater financial stability as a result of ABLE savings accounts, but they do have their limits,” said Treasurer McRae. “That’s why I’m calling on Congress to pass the ABLE Age Adjustment Act, which increases the age of onset from 26 to 46 years old.”
Before 2014, any disabled Americans were limited on how much they could save. That number was capped at $2,000 for someone who was receiving other support. When the original ABLE Act was passed in 2014 it gave those individuals and families more financial stability.
The ABLE accounts allow individuals with disabilities and their families to save money without losing other federal and state benefits. They are tax-advantaged accounts that can be used to pay for disability-related expenses. This can include education, housing, transportation, employment training and support, assistive technology, personal support services, healthcare expenses, financial management, administrative services and more.
“Here is why expanding ABLE is important,” continued McRae. “People with disabilities are twice as likely to live in poverty as their non-disabled counterparts, and barring access to an ABLE account, there are very few paths out of it. By passing this legislation, Congress would put financial stability – and perhaps even financial independence – within the grasp of 6 million more Americans, including 1 million disabled veterans.”