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The SEC Office of Investor Education and Advocacy issued an Investor Bulletin regarding certain savings accounts designed for people with disabilities.
An Achieving a Better Life Experience ("ABLE") account is available to a person with a "qualifying blindness or disability." An account holder may contribute up to $14,000 each year to their account, which offers several investment options, including mutual funds and money market funds. The accounts are tax-free, and funds must be used for disability-related expenses.
The Investor Bulletin contains relevant information on the tax implications of ABLE accounts and the impact of the accounts on benefit eligibility, as well as associated expenses. For additional links and further information, the SEC directed interested parties to visit The Able National Resource Center website.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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