New Programs to Improve Lives in California’s Disability Community
Millions of people with disabilities can safely increase their savings without losing vital public benefits thanks to new programs being implemented by State Treasurer John Chiang.
“… developing a program that offers a life-enhancing savings plan for persons with disabilities, counts as some of the most gratifying work I’ve overseen,” Chiang said.
“These programs meet the very real, long-standing needs of millions of Californians who need our help the most.”
The California Achieving a Better Life Experience (CalABLE) program is scheduled to become available in the summer of 2017 to anyone eligible for Supplemental Security Income (SSI) because of a disability. The program allows for $100,000 in a tax-free account without risking the loss of SSI or any other federal or state benefit programs.
Prior to President Obama signing the Achieving a Better Life Experience Act of 2014 (ABLE Act), a person with a disability was not able to have more than $2,000 in liquid assets, or earn more than $680 per month and still remain eligible for SSI.
Individuals, their family members and friends may all contribute to a CalABLE account. Account earnings accumulate tax-free. And withdrawals, provided they are applied to qualifying disability expenses, also are tax-free.
You can obtain additional information on CalABLE by emailing CalABLE@treasurer.ca.gov or calling (916) 653‑4046.