The financial situation of someone with a disability can be tricky. The maximum Supplemental Security Income benefit, for low-income disabled individuals, is only $967 a month. But the Achieving a Better Life Experience (ABLE) accounts, created in 2014, allows those with disabilities to save for ongoing expenses without risking their disability benefits.

Recipients of SSI or Social Security Disability Insurance, or those with a doctor’s certification that their disability is marked and severe, can open an ABLE account, provided their disability was diagnosed before the age of 26. The age limit will expand in 2026 to include those diagnosed before age 46. This expansion will potentially make an additional 6 million individuals, including 1 million veterans, eligible for the accounts.

ABLE account funds can be used for many ways to enhance the lives of disabled people, such as paying for rent or a mortgage, purchasing a motorized wheelchair or allocating to education costs. Money from 529 college-savings plans can be transferred into an ABLE account if a beneficiary develops a disability while in school, without taxes or penalties applying.

Contributions to an ABLE account are after-tax, but the money grows tax-free and distributions aren’t taxed if used for qualified expenses. Anybody can contribute to a disabled person’s ABLE account, as long as the maximum contribution of $19,000 per person in 2025 isn’t exceeded.

All states but four—Idaho, North Dakota, South Dakota, and Wisconsin—offer ABLE accounts to residents. In other states, residents can apply for nonresident accounts. Some states offer tax deductions for residents who contribute to their state’s plan.

To apply for an ABLE account, individuals will need to provide their Social Security number, bank account information, and proof of disability. If the beneficiary is unable to manage the account, you can request to be their representative. If the account’s assets go beyond $100,000, SSI benefits might be reduced.

However, if the beneficiary dies and money remains in the ABLE account, the state may claim it as reimbursement for the beneficiary’s Medicaid benefits. Explore state ABLE accounts at www.ablenrc.org/select-a-state-program.

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