Social Security highlights a program that allows people with disabilities to save without losing access to important benefits. 

While not directly under the umbrella of offerings by Social Security, Jack Myers indicates it also comes with tax benefits like tax-free growth and withdrawals when used for qualified disability expenses.

ABLE provides a way to save money and build financial independence without affecting eligibility for important benefits like Supplemental Security Income (SSI), Medicaid, and HUD Housing Assistance. Myers adds that if you are on SSI, you can save up to $100,000 in your ABLE account without affecting eligibility for SSI benefits.

According to Myers, there are many advantages to this program - including tax-free growth and the ability to have anyone make a contribution to the fund.

Up to $20,000 per year can be contributed to an ABLE Account, and Myers notes it could potentially be more if the disabled individual is working. 

If the withdrawal from the fund is for a qualified disability expense, it is tax-free. Myers notes that the list of qualified disability expenses is rather lengthy.

Learn more about Illinois ABLE accounts at www.illinoisable.com. You don’t have to enroll in an ABLE account from your own state.  Most states have ABLE account programs, and you can choose another state’s program if you prefer, but you can only have one.