The JJs List Blog

How Can I Save Money Without Losing SSI? Here’s How

Posted by on January 30, 2017 - 1 Comment

ABLE IS HERE – AND THERE…

IN ILLINOIS, ALASKA, KANSAS, MINNESOTA, NEVADA, NORTH CAROLINA, RHODE ISLAND, IOWA

A Better Life for Everybody – or ABLE – has launched, and Illinois is part of the first eight states of a soon-to-be 14-state ABLE consortium.  And we want you to know about it.  

What is ABLE? ABLE is a tax-advantageous way for individuals who have disabilities to save money without losing your Supplemental Security Income or SSI Social Security benefits.  More here

Until ABLE, if you had a disability and received Supplemental Security Income or SSI, you couldn’t have more than $2000 in savings accounts or other assets.  If your assets went over $2000, you would lose your Social Security Benefits.   

A lot of us have felt that this limit kept individuals with disabilities in a permanent state of poverty.  The rule prevented individuals from saving money and making budget plans so you will have money to spend on things you need in order to fully participate in your communities.  With ABLE, that’s changing. Now, you can have up to $100,000 in savings and/or investment accounts and you will not lose your Supplemental Security Income or SSI benefits.

Managing expenses

Managing expenses

The money you save can help you plan a budget for expenses related to your disability – things like education, housing, transportation, personal support services, health care expenses and more.  

Illinois took the lead in pulling together a 14-member consortium of states that each now, or will, offer ABLE accounts.  Read more about that here

There are details and rules that you need to understand.  Get the facts today by clicking this link to the National ABLE Alliance or go to your state’s ABLE website below:

Learn here about Illinois ABLE.

Learn here about Alaska ABLE.

Learn here about Kansas ABLE.

Learn here about Minnesota ABLE.

Learn here about ABLE Nevada.

Learn here about North Carolina ABLE.

Learn here about Rhode Island’s ABLE.

Learn here about Iowa ABLE.

If you are a self-advocate or you care about an individual with a disability take action now and learn about ABLE so that you can decide if it’s right for you!

1 Comment

todd morris says:
Feb 10, 2017

I think the government should allow a disabled person to work without a 6 year cut off from disability.If you work six years you get cut off.This needs to change.If your paying taxes from your job why can’t that tax money go to your disability check so you will have a check without being cut off.

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