People who live with disabilities often have less income and fewer assets than the rest of the population. It can be especially difficult if you are getting benefits from public programs, because those programs may have limits on how much money you can save or how many assets you can own. However, there are tools available to help you.

Savings programs like ABLE accounts, Individual Development Accounts (IDAs), and the Plan to Achieve Self-Support (PASS) career development program can both help you achieve your asset-building goals without risking your public benefits. They allow you to use your income to save money and begin to transition to a more self-sufficient life.

Another way that assets can be saved up and used to help you with your expenses is with Special Needs Trusts, which do not impact public benefits program eligibility for people with disabilities. In addition, there are tax credits and free tax filing help that you can take advantage of to make the most of your income.

ABLE accounts help you build more assets

ABLE accounts let people who have disabilities that began before they turned 26 keep money in a special tax-advantaged account. The first $100,000 in an ABLE account does not count against the $2,000 Supplemental Security Income (SSI) resource limit, and none of the money in an ABLE account counts for MO HealthNet or SNAP (formerly Food Stamps).

Learn more about ABLE accounts.