This year August 14 marks, amongst other notable events, the 236th anniversary of the signing of the Treaty of Väräla which brought about an end to the Russo-Swedish War; exactly 124 years later the arrival of British Expeditionary Force in France saw the beginning of the First World War. Closer to home, and on a cheerier note, it was on this day in 1935 that FDR’s government instituted the enactment of the Social Security Act. Today we also celebrate the 3rd annual National ABLE Savings Day.
ABLE Savings accounts are truly a thing worthy of a special day, and the National Association of State Treasurers is doing what it can to spread the word. To quote the agency directly:
“The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) became law on December 19, 2014. The ABLE Act creates a new option for qualified individuals living with disabilities and their families to save for the future, while protecting eligibility for public benefits.
ABLE plans can change the way individuals with disabilities and their families participate in the community, build financial wellness and plan for the future by empowering them to save and invest for the added expenses that come with having a disability while protecting eligibility for federal means-tested benefits like SSI and Medicaid.
ABLE accounts foster person-centered independence, build self-reliance, encourage employment and improve quality of life. Contributions to ABLE accounts can come from earnings, family, friends and other sources. Earnings on ABLE accounts are tax-deferred, and withdrawals are tax-free as long as they are used for qualified disability-related expenses.”
You can read all about Maryland’s own program and can sign up here: Home – MarylandABLE