Fidelity Investments launches Attainable, a savings plan to help people with disabilities save for ongoing disability expenses while still remaining eligible for government benefits.
Congress’ passing of the Achieving a Better Life Experience (ABLE) Act in 2014 gave individuals with disabilities the ability to save for ongoing expenses while still eligible to collect government benefits.
Attainable, a tax-advantaged ABLE savings plan, was borne as a result, according to a media release from Fidelity.
Individuals who have been diagnosed with a significant disability prior to the age of 26 are eligible to enroll in the plan. Tax-advantaged means that no federal income tax will be owed on investment earnings made in the account if the money is used to pay for qualified disability expenses.
These expenses are those that help the individual maintain or improve his or her health, independence, or quality of life. Examples can include, but are not limited to, education, housing, transportation, employment, training and support, assistive technologies and related services, personal support services, or health and basic living expenses.
In addition, savings in an Attainable account do not impact Medicaid benefits, and balances below $100,000 do not impact Supplemental Security Income (SSI) benefits, the release continues.
[Source(s): Fidelity Investments, Business Wire]