33 years after its enactment, the Americans with Disabilities Act still leaves disabled individuals facing significant obstacles in their pursuit to building wealth.
The ABLE MATCH Act proposes a federal dollar-for-dollar match for disabled individuals earning $28,000 or less.
Proposed by Sen. Bob Casey, D-Pa., the ABLE MATCH Act would create this match for new and existing ABLE accounts.
ABLE accounts let qualifying individuals save for disability-related expenses without losing federal program eligibility.
ABLE accounts also offer tax-free withdrawals for qualifying expenses and tax-deferred investment gains.
“However, there are still too many people whose lives would be made easier by the program, but don’t have sufficient funds to open an account,” Casey said.
The bill aims to increase ABLE account enrollment for lower-income individuals with disabilities.
According to research, people with disabilities require approximately $28,000 more annually for lifestyles equivalent to those without disabilities.
The ABLE MATCH Act represents a significant step towards addressing financial disparities faced by disabled individuals.