News | 06.10.19
Savings Accounts for Disabled Americans Catch On, but Slowly
Forty-one states and the District of Columbia now offer ABLE accounts, which let disabled people work and save money without risking the loss of government aid. Advocates have heralded the accounts as a boon that could lift many people with disabilities out of poverty, but just a tiny fraction of people eligible for the accounts are using them so far. More than 40,000 ABLE accounts were open by the end of March, with combined balances of about $225 million, said Michael Morris, executive director of the National Disability Institute, a nonprofit advocacy group. But the institute estimates that as many as 8 million people are eligible under current rules. The growth in accounts is well below what's needed to keep fees affordable for participants and keep the ABLE program viable, according to an analysis in May from the National Association of State Treasurers.
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