U.S. Senators Katie Britt (R-Ala.), Eric Schmitt (R-Mo.), and Bob Casey Jr. (D-Pa.) introduced the ENABLE Act, a bipartisan bill designed to empower families and improve economic opportunities for individuals with disabilities while protecting their eligibility for federal programs like Medicaid and Supplemental Security Income (SSI).
The ENABLE Act makes three tax provisions related to ABLE (Achieving a Better Life Experience) permanent. These provisions include allowing increased contributions to ABLE accounts, providing a retirement savings tax credit of up to $1,000, and enabling tax-free rollovers from 529 plans to ABLE accounts.
These changes are aimed at giving disabled individuals and their families more flexibility in saving for their future without risking vital benefits. Read more about this new legislation here.
While Congress is making changes for benefits recipients, it’s time to take another look at the Elder Relief Act. This legislation has been waiting on Congressional approval and would dramatically increase benefits for older Americans who rely on Social Security in retirement. Learn more about this vital legislation here.
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