HELP AVOIDING THE BENEFITS CLIFF
When Congress created ABLE accounts in 2014, they restricted them to people who acquired their disabilities before the age of 26.
Mark Raymond was paralyzed as the result of a diving accident at age 27.
Fortunately, in December 2022, Congress
passed an adjustment that raises the eligibility age to 46. Raymond will
finally be eligible when the new rules take effect Jan. 1, 2026.
“A tax-free savings account — you bet I will open one the day I’m eligible. I have expenses that would be nice to cover with ABLE account savings,” Raymond says.
“Home renovations could be saved for and funded. One time my (wheelchair) armrest broke and it cost $2,000 to fix it — not covered by insurance, so again, ABLE savings would help.”
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