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August is #ABLEtoSave Month

During the month of August, SCDD is joining forces with our national partners to raise awareness around the benefits of tax-advantaged ABLE savings and investment accounts.

What is an ABLE account?
ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. They were created as a result of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The ABLE program is designed to help eligible individuals save for disability-related expenses without jeopardizing their public benefits.

Who can open an ABLE account?
In California, the ABLE program is run by CalABLE, and CalABLE accounts may be opened by or on behalf of an eligible individual. An eligible individual is a person who:

  • Is entitled to Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) because of a disability or has blindness as determined by the Social Security Act; or
  • Has a disability certification (a signed diagnosis by a licensed physician).

In all cases, the blindness or disability must have occurred before age 26.

To learn more about ABLE accounts go to their website.