Skip Ahead Here! 0:00 - ABLE Accounts Explained! (SHOULD YOU OPEN ONE?) 0:24 - What are the three main advantages of ABLE accounts? 2:07 - Who is eligible for an ABLE account? 3:10 - How much can I contribute to an ABLE account? 3:57 - What are my investment options in an ABLE account? 4:23 - ABLE account withdrawals: What are qualifying expenses?
I don't understand why you have to become disabled before 26? I was paralzed at 30...I should have the same ability to fund an investment account as someone 4 years younger than myself!
Hi Stacy, We understand your frustration. Advocates are working to increase the age for eligibility for ABLE accounts. The bipartisan ABLE Age Adjustment Act would raise the eligibility cap for ABLE accounts to the onset of disability before age 46. We will let you know if this act passes and becomes law. Thanks!
A spokesman for CalABLE explained it: The age limit was chosen because the federal government feared that the hundreds of thousands of eligible people would all open accounts and suddenly start socking away $15,000 a year, every year, keeping it out of the tax system. I had a good laugh. Clearly those bureaucrats do not know their intended customers AT ALL! If they'd had a way to save an "extra" 15 grand a year before ABLE accounts came into existence, they would have already been doing it- just off the books.
@@myoldvhstapes No doubt! Most people disabled even at 40, depending on their level of disability will rack up debt for uncovered Healthcare, assistants which typically isn't covered, and prescription drugs that you either wait to get approved or just pay out of pocket. I think there should be levels of disability. Obviously, migraine or depression will have less expense than a stroke, paralyzed or cancer patient. These patients should honestly be able to stash away cash tax free for medical and living, instead of just earn tax free returns on investments.
Can you please explain further about what they can withdrawal for. For instance. I want to set up an ABLE account for things my son likes that we pay for now, but won't be here for forever. For instance...if he wants a new TV, if he wants to buy a blanket or pillow, can it be used for restaurant food? He is 26 but has been severely disabled from birth. My husband and I are legal guardians and want to set this up only if it can be used for those types of expenses as those are the things he likes to spend money on. I just need clarification. Thank you.
The guides provided by the ABLE National Resource Center would be the best resource to determine if an expense is covered - www.ablenrc.org/determining-whether-something-is-a-qualified-disability-expense-qde/
@@DistrictCapital I am always confused as to how you would tell someone before taking the money out what you are using it for.. like do you call the place and say hey I want to purchase a laptop for my schooling.. and they have to say yes or no each purchase? Is there a bank card you get with an ABLE account? Is it through your bank?
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!! 👍👍👍
@@sdglobal Sorry, we are unable to give you specific financial advice. However, if you contact NY Able they will be able to help you - clientservices@mynyable.org Thanks!
Thank you for your question. To clarify further, to be eligible the onset of your disability must have happened before turning 26 years of age. If you meet this age criterion and are also already receiving benefits under SSI and/or SSDI, you are automatically eligible to establish an ABLE account. Therefore, you can open an account if you are older than 26 as long as your disability started before 26. Hopefully that helps!
No, the investment part of an ABLE account cannot take money from you directly. The investments within an ABLE account may fluctuate in value based on market conditions, but the account itself does not have the ability to withdraw money from you or take funds from your personal assets. The funds in the ABLE account belong to the account holder and are intended for their benefit and use. It's important to note that while the investments within an ABLE account carry some degree of risk, account holders typically have a range of investment options to choose from, such as mutual funds or other investment vehicles with varying risk levels. It's advisable to consult with a financial advisor who can provide guidance on selecting suitable investments based on your specific financial goals and risk tolerance.
@@tiffanythomas453 Yes, you can withdraw funds from your HSA at anytime. However, you must use the funds for qualified medical expenses. If you use HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.
How does this work, when you are your childs representative payee and they are counting your income as assets and the asset are over the $2000 a month limit.
@@Clinisha it would still protect your childs future as an adult with disability. Invest now because as an adult, your assets are counted a little different (if your child still lives with you as an adult) Contribute now, in the future this will help with Medical and housing as well as transportation. It's a good program.
They sound better then they are. Answer this why can’t you ever get to the real people at the bank that able uses? How are they getting hacked? Why do u use ABLE then a random bank? Try getting your $$ back if you get hacked.
Who can save money on a 2034 check every month when it all goes out on expenses and food nobody on SSI has any money to save they did have they go to the bank they don't need Abel
Skip Ahead Here!
0:00 - ABLE Accounts Explained! (SHOULD YOU OPEN ONE?)
0:24 - What are the three main advantages of ABLE accounts?
2:07 - Who is eligible for an ABLE account?
3:10 - How much can I contribute to an ABLE account?
3:57 - What are my investment options in an ABLE account?
4:23 - ABLE account withdrawals: What are qualifying expenses?
I don't understand why you have to become disabled before 26? I was paralzed at 30...I should have the same ability to fund an investment account as someone 4 years younger than myself!
Hi Stacy,
We understand your frustration. Advocates are working to increase the age for eligibility for ABLE accounts. The bipartisan ABLE Age Adjustment Act would raise the eligibility cap for ABLE accounts to the onset of disability before age 46. We will let you know if this act passes and becomes law. Thanks!
@@DistrictCapital Thank you for your reply! Do we have a date for a vote on this? It would be so nice to have extended before a rebound in the mkt.
A spokesman for CalABLE explained it: The age limit was chosen because the federal government feared that the hundreds of thousands of eligible people would all open accounts and suddenly start socking away $15,000 a year, every year, keeping it out of the tax system. I had a good laugh. Clearly those bureaucrats do not know their intended customers AT ALL! If they'd had a way to save an "extra" 15 grand a year before ABLE accounts came into existence, they would have already been doing it- just off the books.
@@myoldvhstapes No doubt! Most people disabled even at 40, depending on their level of disability will rack up debt for uncovered Healthcare, assistants which typically isn't covered, and prescription drugs that you either wait to get approved or just pay out of pocket. I think there should be levels of disability. Obviously, migraine or depression will have less expense than a stroke, paralyzed or cancer patient. These patients should honestly be able to stash away cash tax free for medical and living, instead of just earn tax free returns on investments.
ABLE is changing its age limit to before 46 in 2026 so you will be eligible on Jan 1, 2026.
Excellent explanation, thank you!
Thank you. I'm glad you found the video useful!
thanks for the video! im just confused - i thought the maximum amount in the account is $100k? but then you said $28k? could you please explain?
Where are they going to get the 16,000 when they only earn $900 a month from SSI
Many people get back pay
Can you please explain further about what they can withdrawal for. For instance. I want to set up an ABLE account for things my son likes that we pay for now, but won't be here for forever. For instance...if he wants a new TV, if he wants to buy a blanket or pillow, can it be used for restaurant food? He is 26 but has been severely disabled from birth. My husband and I are legal guardians and want to set this up only if it can be used for those types of expenses as those are the things he likes to spend money on. I just need clarification. Thank you.
The guides provided by the ABLE National Resource Center would be the best resource to determine if an expense is covered - www.ablenrc.org/determining-whether-something-is-a-qualified-disability-expense-qde/
@@DistrictCapital I am always confused as to how you would tell someone before taking the money out what you are using it for.. like do you call the place and say hey I want to purchase a laptop for my schooling.. and they have to say yes or no each purchase? Is there a bank card you get with an ABLE account? Is it through your bank?
What about savings for medicaid?
This is so much great helpful information for helpless people. What is the website to open an ABLE account from New York? Please give the URL for New York City. Thank you!!! 👍👍👍
Thank you very much for your kind comment. Here is the URL for you - www.mynyable.org/
Have a great evening!
@@DistrictCapital Thank you so much for the information. Can I withdraw all money from an able account at a time if I need to buy a house?
@@sdglobal Sorry, we are unable to give you specific financial advice. However, if you contact NY Able they will be able to help you - clientservices@mynyable.org
Thanks!
Hi, why aren't the Share buttons working?
It appears to be working from our side. Here's the link if you want to share the video - th-cam.com/video/d59U5T_diEI/w-d-xo.html
Thanks!
I am into my seventies . Can I open able account ?
thank u
You're welcome!
I was told I could open an Able account by a disability attorney. He never mentioned that one must be under 26...Can you please clarify?
Thank you for your question. To clarify further, to be eligible the onset of your disability must have happened before turning 26 years of age. If you meet this age criterion and are also already receiving benefits under SSI and/or SSDI, you are automatically eligible to establish an ABLE account. Therefore, you can open an account if you are older than 26 as long as your disability started before 26. Hopefully that helps!
Can the investment part of the able account take money from you
No, the investment part of an ABLE account cannot take money from you directly. The investments within an ABLE account may fluctuate in value based on market conditions, but the account itself does not have the ability to withdraw money from you or take funds from your personal assets. The funds in the ABLE account belong to the account holder and are intended for their benefit and use.
It's important to note that while the investments within an ABLE account carry some degree of risk, account holders typically have a range of investment options to choose from, such as mutual funds or other investment vehicles with varying risk levels. It's advisable to consult with a financial advisor who can provide guidance on selecting suitable investments based on your specific financial goals and risk tolerance.
Ok but can I pull money as needed in timely manner For items that are covered
Or would I have to wait a certain period of time
@@tiffanythomas453 Yes, you can withdraw funds from your HSA at anytime. However, you must use the funds for qualified medical expenses. If you use HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.
@@DistrictCapital ok last question I think what a hsa? Thinking of opening one today
These ppl don’t really know because they don’t have one.
Can we build credit with able
Thanks for your question. Unfortunately you cannot build credit with an ABLE Account.
Thanks for your question. Unfortunately you cannot build credit with an ABLE account.
I have little money in for about 2 years 200.00 now down to 59.20 boy I’m glad I did put more in
What a rib off
I'm sorry to hear that James! Good luck on your financial journey!
How in the hell can you save money on $984 after your rents 1000 dollars a month
Unconstitutional only under 26 years old. Seniors are aged discrimination under the laws.
Do you have any additional questions about ABLE accounts?
How does this work, when you are your childs representative payee and they are counting your income as assets and the asset are over the $2000 a month limit.
@@Clinisha it would still protect your childs future as an adult with disability. Invest now because as an adult, your assets are counted a little different (if your child still lives with you as an adult)
Contribute now, in the future this will help with Medical and housing as well as transportation.
It's a good program.
Is it possible to mange your own ABLE account or use an online brokerage like M1 or fidelity?
@@anthonysabatine6958 Yes. Here is a link to the ABLE account managed by Fidelity - www.fidelity.com/able/attainable/overview
What is additional contributional benefit? Is that for when other people want to help add to your able account?
I am not disabled .
They sound better then they are. Answer this why can’t you ever get to the real people at the bank that able uses? How are they getting hacked? Why do u use ABLE then a random bank? Try getting your $$ back if you get hacked.
Who can save money on a 2034 check every month when it all goes out on expenses and food nobody on SSI has any money to save they did have they go to the bank they don't need Abel