Curtis Loftis Launches SC ABLE
Nov 16, 2017 02:50PM
● By Kathleen Maris
State Treasurer Curtis Loftis announced the launch of the South Carolina Achieving a Better Life Experience (SC ABLE) Savings Program, which provides tax-advantaged savings accounts for eligible individuals with disabilities.
SC ABLE accounts allow individuals with disabilities the opportunity to save and invest money without jeopardizing need-based public benefits programs such as Medicaid and Supplemental Security Income (SSI). Individuals with a disability may save up to $14,000 per year in an ABLE account. In addition, contributions made to SC ABLE accounts are deductible from South Carolina state income taxes.
SC ABLE account savings can be used for a variety of qualified disability expenses, including rent and housing, transportation, education, employment training and support, assistive technology, and many other approved expenses.
Administered by the S.C. Treasurer’s Office, SC ABLE accounts represent an advancement in helping individuals with disabilities plan for the future. Prior to passage of the ABLE Act, individuals receiving certain government benefits were restricted in the amount of money they could save or invest, and financial resources of as little as $2,000 could result in a loss of benefits.
SC ABLE is administered by the S.C. State Treasurer’s Office through a partnership with the Ohio Treasurer’s Office.
For more information, visit www.treasurer.sc.gov/citizens/sc-able/.