State Treasurer Curtis Loftis highlighted the growing emphasis on promoting financial independence and quality of life for individuals with disabilities during remarks made in recognition of Disability Advocacy Day, March 7.
“We have come a long way as a state in addressing the needs of individuals with disabilities, and one of the biggest steps we’ve taken is the launch of the South Carolina ABLE Savings Program,” Treasurer Loftis said. “The program provides individuals with disabilities the opportunity to save and invest for their future.”
Treasurer Loftis spoke during the 29th Annual Disability Advocacy Day gathering, presented by the South Carolina Partnership of Disability Organizations and held on the South Carolina State House grounds.
Treasurer Loftis spoke about the growth, significance and impact of the South Carolina ABLE Savings Program, which launched last year. The program, which is administered by the S.C. State Treasurer’s Office, provides tax-advantaged savings accounts for eligible individuals with disabilities.
“The South Carolina ABLE Savings Program is empowering people with disabilities,” Treasurer Loftis said. “I am proud of the program, the commitment to our citizens with disabilities it represents, and the opportunity for financial independence it provides them.”
The SC ABLESM Savings Program provides individuals with disabilities the opportunity to save and invest for their future without jeopardizing government means-tested benefits. Individuals can open an account online with as little as $50, and they can contribute up to $15,000 a year to an SC ABLESM savings account.
Account funds 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 qualified disability expenses.
Individuals may also deduct up to 100% of the contributions made to an ABLE account from their South Carolina income tax returns.
The S.C. Treasurer’s Office was among many organizations that participated in the Disability Advocacy Day event; staff were on hand to provide information to those interested in learning more about the SC ABLESMSavings Program.