Getting approved for Social Security Disability benefits can be difficult enough, but keeping benefits after you’ve been approved can be just as arduous. One of the most frustrating aspects of holding on to Social Security Disability eligibility is managing your finances and assets.
For years, the Social Security Administration had established guidelines that prevented Social Security Disability recipients from acquiring more than $2,000 in assets at any given time. This made paying for medical expenses, education, transportation, or even attempting to buy a home virtually impossible. That’s why lawmakers recently passed a bill that adjusts these limits.
ABC News reports lawmakers have approved the Achieving a Better Life Experience (ABLE) Act. This bill will allow Social Security recipients to set up tax-free bank accounts that would allow them to deposit up to $14,000 a year to help cover expenses. The accounts would be capped after accruing $100,000. Officials say they hope the move will allow the disabled to live a more independent lifestyle.
At the law firm of Newlin Disability, we are aware of how difficult it can be to make ends meet when you’re disabled and have limited finances. That’s why our Social Security Disability Lawyers are hopeful the ABLE Act will successfully allow the disabled to save money in order to cover the expenses that can affect their daily lives.