How does an ABLE account work?

Living with a disability does not have to hold you back, but there are some downsides. One of those may be not having the ability to earn money or earn as much money as you need to afford life expenses in Florida. This is where an ABLE account can help. The ABLE National Resource Center explains that an ABLE account is a special savings account for people with disabilities. What makes it so ideal is that any money put into the account is not taxable.

Before you start setting up your own account, it is helpful to know more about how it works. Understanding the limitations and the rules surrounding these accounts can allow you to get the maximum benefits from it.


One of the main things ABLE accounts do and one of the top reasons for their creation is that they give you financial independence. You have control over the money. You are not stuck staying poor but you can receive public benefits to help you get by. It can give you a sense of being more in control of your life.


To qualify for an ABLE account, you need to have a disability diagnosis before the age of 26. You must meet the Social Security definition of significant functional limitations. If you already get benefits from the SSA, then you qualify. If you do not, then you will need further documentation.

Effect on benefits

You may rely on benefits such as Social Security to help you get by day to day. When you get a job, that income can affect your benefits. The good thing about an ABLE account is that it will not hurt your eligibility for benefits you receive from the government.

An ABLE account can help give you better control over your life. It can be useful to have a savings account that is so flexible and will not affect your other benefits but that allows you to afford a higher standard of living.

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