Many Americans depend on Social Security Disability (SSD) benefits or Supplemental Security Income (SSI) to make ends meet, but these programs can also inhibit certain recipients from becoming financially independent. This is because of stringent Social Security and Supplemental Security Income laws that restrict the amount of money and assets that a recipient of these benefits can have.
Under current Social Security laws, an individual is prohibited from making more than $700 per month or holding more than $2,000 in savings outside of their SSD or SSI income. If an emergency arises, these limits can make it extremely difficult for a recipient to make ends meet financially.
This is why many legislators are supporting a new law called the Achieve a Better Life Experience Act (ABLE Act). According to Social Work Helper, this piece of legislation would allow SSD or SSI beneficiaries to open a particular type of tax advantaged savings accounts that would allow them to hold their money at little to no penalty.
The bill was on the table for consideration during last year’s legislative session, but time ran out before a decision in the matter could be reached. The legislation will be up for vote again soon and now has more than 400 supporters.
The Social Security disability lawyers with Fleschner, Stark, Tanoos & Newlin applaud the changes being considered and are hopeful the reforms are passed disabled Americans get the compensation they deserve.
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The financial burden that often comes with a serious injury can be too much for many people to bear. Unexpected medical debt, damaged personal property, and the sudden loss of income can impact the budgets of most families. The good news is that a successful injury claim could help reduce that financial strain after a serious accident. Get in touch with a Terre Haute personal injury lawyer with Fleschner, Stark, Tanoos & Newlin to learn more.
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