Alabama

TexasTowelie

(116,765 posts) Tue Feb 21, 2017, 07:52 PM Feb 2017

New Alabama program allows for disability savings

The state of Alabama is launching a savings program meant to help people with disabilities.

The new Enable Savings Plan Alabama is modeled on a national program that lets people save tax-free for future expenses related to disabilities.

A statement by State Treasurer Young Boozer says the savings can accumulate without people jeopardizing their eligibility for public benefits.

Enable Alabama offers five investment options for savers. Participants can save as much as $14,000 annually, and their total assets can grow to $100,000 without affecting benefits based on personal finances.

Read more: http://www.montgomeryadvertiser.com/story/news/2017/02/20/new-alabama-program-allows-disability-savings/98167360/

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New Alabama program allows for disability savings (Original Post) TexasTowelie Feb 2017 OP

Is this for people with current disabilities or some type of HSA to sinkingfeeling Feb 2017 #1

I believe that this for people that already have a disability. TexasTowelie Feb 2017 #2

sinkingfeeling

(52,993 posts)

1. Is this for people with current disabilities or some type of HSA to

Reply to TexasTowelie (Original post)

Tue Feb 21, 2017, 08:08 PM

Feb 2017

save in case you become disabled? Having a hard time imagining someone with a severe disability being able to save $14,000 a year.

TexasTowelie

(116,765 posts)

2. I believe that this for people that already have a disability.

Reply to sinkingfeeling (Reply #1)

Tue Feb 21, 2017, 08:13 PM

Feb 2017

The accounts can also include gifts (e.g. from parents or other relatives) that would otherwise be taxable.

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