State Treasurer Curtis Loftis announced today the launch of the South Carolina Achieving a Better Life Experience (SC ABLE SM ) Savings Program, which provides tax-advantaged savings accounts for eligible individuals with disabilities.
“Today is an exciting day for some very important South Carolinians,” Treasurer Loftis said. “SC ABLE SM is a critical step toward enhancing the quality of life for individuals with disabilities.”
SC ABLE SM accounts allow individuals with disabilities the opportunity to save and invest money without jeopardizing need-based public benefits programs such as Medicaid and Supplemental Security Income (SSI).
Individuals with a disability may save up to $14,000 per year in an ABLE account. In addition, contributions made to SC ABLE SM accounts are deductible from South Carolina state income taxes.
SC ABLE SM account savings 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 approved expenses.
Administered by the S.C. Treasurer’s Office, SC ABLE SMaccounts represent an important advancement in helping individuals with disabilities plan for the future. Prior to passage of the ABLE Act, individuals receiving certain government benefits were restricted in the amount of money they could save or invest, and financial resources of as little as $2,000 could result in a loss of benefits.
“ABLE legislation is helping empower people with disabilities,” Treasurer Loftis said. “I am proud of SC ABLE SM , the commitment to our citizens with disabilities it represents, and the opportunity for financial independence it provides them.”
SC ABLE SM is administered by the S.C. State Treasurer’s Office through a partnership with the Ohio Treasurer’s Office.
For more information please visit www.treasurer.sc.gov/citizens/sc-able/