State Treasurer Curtis Loftis on Thursday announced the launch of a new method for families of children with disabilities to save for their future.
The South Carolina Achieving a Better Life Experience (SC ABLE) Savings Program provides tax-advantaged savings accounts for eligible individuals with disabilities.
“For the first time ever, individuals with disabilities can save for their future without being penalized,” Loftis said.
Prior to passage of the ABLE Act by Congress in 2014, individuals receiving certain government disability benefits were restricted in the amount of money they could save or invest. Financial resources totaling as little as $2,000 could result in a loss of benefits.
“They don’t have to worry about losing the important benefits they already have,” Loftis said.
South Carolina is the 29th state to activate the program.
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.
For more information visit www.treasurer.sc.gov/citizens/sc-able/