What is the purpose of an Achieving a Better Life Experience (ABLE) account?

The Achieving a Better Life Experience (ABLE) account is specifically designed to support individuals with disabilities by allowing them to save and accumulate funds without jeopardizing their eligibility for certain government benefits. This account enables individuals to have a tax-advantaged way to set aside money for disability-related expenses such as healthcare, education, housing, and transportation.

By ensuring that individuals with disabilities can save money while maintaining their access to essential government assistance programs, ABLE accounts promote financial independence and enhance the quality of life for beneficiaries. This unique aspect distinguishes ABLE accounts from other savings options, making them a vital resource for individuals with disabilities and their families.