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ABLE Age Adjustment Act is Passed

February 28, 2023

By Shelley W. Elovitz, Esquire

The ABLE Age Adjustment Act is an important victory for Americans with disabilities.

On December 29, 2022, President Biden signed the Omnibus Spending Bill which included the ABLE Age Adjustment Act. The original ABLE (Achieving a Better Life Experience) Act was passed in 2014 and under it, individuals with a disability, who acquired their disability prior to their 26th birthday, became eligible to open an ABLE account and save for their long-term care and disability expenses, without risking the loss of certain federal benefits, such as Social Security Insurance. Prior to the passage of ABLE, individuals could not accumulate more than $2,000 in assets such as savings or retirement funds without jeopardizing Federal benefits.

Under the ABLE Age Adjustment Act, the age limit was increased to 46 years of age for the onset of a qualifying disability. This means people who are diagnosed with a disability that may not happen until later in life, such as multiple sclerosis (MS) or veterans who become disabled, will now be able to save money without losing their Federal benefits.

Although the change will not be effective until after December 31, 2025, individuals under the age of 46 can begin planning now by visiting ABLE National Resource Center.

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