By State Treasurer Curtis Loftis, Administrator for the Palmetto ABLE Savings Program
Imagine the challenge of navigating life without savings or investments. Not long ago, this was a reality for millions of Americans living with disabilities. If they saved more than $2,000, their eligibility for critical benefits such as Supplemental Security Income, healthcare, food and housing assistance could be in jeopardy. Maintaining eligibility for public benefits, such as Medicaid, could mean living with serious financial constraints that only added to their financial burden.
And the financial burden of living with a disability can be substantial. On average, it costs 28 percent more to live with a disability than without. Expensive medical care, specialized equipment, assistive technology, transportation services, adaptive housing and more can easily limit savings options and restrict the ability of our citizens living with disabilities to fulfill their American dream.
Fortunately, the one in six Americans living with a disability today may have the opportunity to save and invest money without jeopardizing their ability to receive important public benefits. In 2014, Congress passed The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act), allowing individuals with disabilities to save significantly more than $2,000 without fear of losing their federal and state needs-based benefits. Many consider ABLE legislation to be the most impactful public policy for the benefit of the disability community since the Americans with Disabilities Act of 1990.
South Carolina launched its own Palmetto ABLE Savings Program in 2017, giving our citizens living with disabilities the opportunity to work and save their income without giving up benefits. Through Palmetto ABLE®, over 3,000 individuals with disabilities now have the power to enhance their financial well-being through tax-advantaged savings accounts. They can use their saved funds not only to address their immediate needs, but also to work toward their longer-range goals.
As administrator of Palmetto ABLE, I take pride in the work that we, along with our partners in the disability community, are doing to share information with our citizens and their families about the benefits and flexibility of these accounts. I have heard many heart-warming stories about how ABLE accounts have been true game-changers for their owners. From gaining the ability to purchase an adaptive van to making a down payment on a house, Palmetto ABLE accounts are instilling a sense of financial freedom that many never thought would be possible.
That’s why I am excited to announce that South Carolina will join ABLE plans across the nation on August 14, 2024, to celebrate the first ABLE Savings Day. We want to help others learn how important ABLE programs are to our citizens living with disabilities.
This ABLE Savings Day, if you have a disability or have a family member living with a disability, I hope you will take some time to learn more about the Palmetto ABLE Savings Program. To find out how these accounts may be a valuable resource for you or your loved one, visit our website at PalmettoABLE.com.
About the author: Curtis Loftis is the State Treasurer of South Carolina. He also serves as the administrator of the Palmetto ABLE Savings Program. Visit treasurer.sc.gov or PalmettoABLE.com for more information on ways to save for the future with a 529-A plan.
