Paul Safarik, who has Down syndrome, has benefited from an ABLE account that allows him to save beyond the $2,000 asset limit that previously jeopardized his government benefits. Established by the 2014 Achieving a Better Life Experience Act, these accounts permit individuals with disabilities to save for the future without penalty. The upcoming expansion of eligibility to those identified before age 46 is expected to increase accessibility for millions, while average account balances have reached significant amounts, helping individuals like Safarik manage their financial futures more effectively.
The fact that it used to be that individuals could only save up to $2,000 or they could lose benefits - that was really restricting a lot of families.
With this ABLE account, we don't have to worry as much. It's nice that he can work and save, and not have that be held against him.
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