Skip Ahead Here! 0:00 - ABLE Accounts Explained! (SHOULD YOU OPEN ONE?) 0:24 - What are the three main advantages of ABLE accounts? 2:07 - Who is eligible for an ABLE account? 3:10 - How much can I contribute to an ABLE account? 3:57 - What are my investment options in an ABLE account? 4:23 - ABLE account withdrawals: What are qualifying expenses?
I don't understand why you have to become disabled before 26? I was paralzed at 30...I should have the same ability to fund an investment account as someone 4 years younger than myself!
Hi Stacy, We understand your frustration. Advocates are working to increase the age for eligibility for ABLE accounts. The bipartisan ABLE Age Adjustment Act would raise the eligibility cap for ABLE accounts to the onset of disability before age 46. We will let you know if this act passes and becomes law. Thanks!
A spokesman for CalABLE explained it: The age limit was chosen because the federal government feared that the hundreds of thousands of eligible people would all open accounts and suddenly start socking away $15,000 a year, every year, keeping it out of the tax system. I had a good laugh. Clearly those bureaucrats do not know their intended customers AT ALL! If they'd had a way to save an "extra" 15 grand a year before ABLE accounts came into existence, they would have already been doing it- just off the books.
@@myoldvhstapes No doubt! Most people disabled even at 40, depending on their level of disability will rack up debt for uncovered Healthcare, assistants which typically isn't covered, and prescription drugs that you either wait to get approved or just pay out of pocket. I think there should be levels of disability. Obviously, migraine or depression will have less expense than a stroke, paralyzed or cancer patient. These patients should honestly be able to stash away cash tax free for medical and living, instead of just earn tax free returns on investments.
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!! 👍👍👍
@@sdglobal Sorry, we are unable to give you specific financial advice. However, if you contact NY Able they will be able to help you - clientservices@mynyable.org Thanks!
Can you please explain further about what they can withdrawal for. For instance. I want to set up an ABLE account for things my son likes that we pay for now, but won't be here for forever. For instance...if he wants a new TV, if he wants to buy a blanket or pillow, can it be used for restaurant food? He is 26 but has been severely disabled from birth. My husband and I are legal guardians and want to set this up only if it can be used for those types of expenses as those are the things he likes to spend money on. I just need clarification. Thank you.
The guides provided by the ABLE National Resource Center would be the best resource to determine if an expense is covered - www.ablenrc.org/determining-whether-something-is-a-qualified-disability-expense-qde/
It appears to be working from our side. Here's the link if you want to share the video - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-d59U5T_diEI.html Thanks!
Who can save money on a 2034 check every month when it all goes out on expenses and food nobody on SSI has any money to save they did have they go to the bank they don't need Abel
Thank you for your question. To clarify further, to be eligible the onset of your disability must have happened before turning 26 years of age. If you meet this age criterion and are also already receiving benefits under SSI and/or SSDI, you are automatically eligible to establish an ABLE account. Therefore, you can open an account if you are older than 26 as long as your disability started before 26. Hopefully that helps!
No, the investment part of an ABLE account cannot take money from you directly. The investments within an ABLE account may fluctuate in value based on market conditions, but the account itself does not have the ability to withdraw money from you or take funds from your personal assets. The funds in the ABLE account belong to the account holder and are intended for their benefit and use. It's important to note that while the investments within an ABLE account carry some degree of risk, account holders typically have a range of investment options to choose from, such as mutual funds or other investment vehicles with varying risk levels. It's advisable to consult with a financial advisor who can provide guidance on selecting suitable investments based on your specific financial goals and risk tolerance.
@@tiffanythomas453 Yes, you can withdraw funds from your HSA at anytime. However, you must use the funds for qualified medical expenses. If you use HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.
How does this work, when you are your childs representative payee and they are counting your income as assets and the asset are over the $2000 a month limit.
@@Clinisha it would still protect your childs future as an adult with disability. Invest now because as an adult, your assets are counted a little different (if your child still lives with you as an adult) Contribute now, in the future this will help with Medical and housing as well as transportation. It's a good program.
They sound better then they are. Answer this why can’t you ever get to the real people at the bank that able uses? How are they getting hacked? Why do u use ABLE then a random bank? Try getting your $$ back if you get hacked.
