Many Americans depend on Social Security Disability (SSD) benefits or Supplemental Security Income (SSI) to make ends meet, but these programs can also inhibit specific recipients from becoming financially independent. This is because of stringent Social Security and Supplemental Security Income laws that restrict the amount of money and assets a recipient of these benefits can have.
Under current Social Security laws, individuals are prohibited from making more than $700 per month or holding more than $2,000 in savings outside their SSD or SSI income. If an emergency arises, these limits can make it extremely difficult financially for a recipient to make ends meet.
This is why many legislators are supporting a new law called the Achieve a Better Life Experience Act (ABLE Act). According to Social Work Helper, this legislation would allow SSD or SSI beneficiaries to open a particular type of tax-advantaged savings account that will enable them to hold their money with little to no penalty.
The bill was on the table for consideration during last year’s legislative session, but time ran out before a decision on the matter could be reached. The legislation will be up for vote again soon and has more than 400 supporters.
The Social Security disability lawyers with Newlin Disability applaud the changes being considered and are hopeful the reforms will be passed so disabled Americans get the compensation they deserve.
