Savings

Only those who became disabled by age 26 have been eligible for ABLE accounts. But Congress raised the age to 46, so more military veterans and others can ...

Disabled people and their families can educate themselves and their supporters about the accounts and how they are used, Mr. If a disabled person with an ABLE account works, that person can contribute extra from his or her own earnings, up to $13,590 in most states, for an annual total of $30,590. [2019 report ](https://www.nytimes.com/2019/06/07/your-money/able-accounts-savings-disabled.html)from the National Association of State Treasurers warned that participation was too low to maintain affordable fees for ABLE accounts and sustain the programs over the long term. But saving in ABLE accounts has been somewhat slow to catch on, partly because they have been limited to people who became disabled before the age of 26. People may be disappointed, she said, to learn about the accounts only to hear that they must wait several years to participate. But balances can be much higher without affecting eligibility for other benefits, like Medicaid or federal housing assistance. Generally, accounts can grow to $100,000 without affecting Supplemental Security Income. (About 14 million may qualify under the expansion.) It may also help people dealing with the [lingering effects](https://www.nytimes.com/2022/12/14/health/long-covid-deaths.html) of Covid-19, said Thomas Foley, executive director of the National Disability Institute. The change means an estimated six million more people, including about one million military veterans, will eventually qualify for the tax-favored accounts, advocates for disabled people say. [ABLE Age Adjustment Act](https://nast.org/wp-content/uploads/edited-able-press-release.pdf), included in the omnibus spending bill passed in December, has raised the threshold for the onset of a qualifying disability to age 46. But money in an ABLE account doesn’t count toward that total.