Best Savings Account for Disabled People

There are roughly 54 million people in America who have some kind of disability. For people who are disabled, working and performing routine tasks can be a major challenge. Many disabled people are not able to work at all. Some can still work, but only in a limited capacity.

People who cannot work and who have their lives severely affected by a disability need to have all the help that they can get. Luckily there is a lot of help available for disabled people. Much of this help comes from the Social Security Administration in the form of disability benefits.

However, another way that people with disabilities can get assistance is through special bank accounts. There is a special saving account that is available for disabled people. If you have a disability then you might be eligible for this special savings account.

ABLE Accounts

ABLE stands for Achieving a Better Life Experience. ABLE Accounts are special savings accounts for disabled people that have tax advantages and a number of other benefits. With these accounts, a disabled person can be a beneficiary, and any income that is generated by the account is not subject to taxation. Anyone can contribute to the account and have their contributions be tax deductible for federal taxes. This is as long as they use post-taxed dollars.

People who can contribute to these accounts include family members, friends, charities, and even the beneficiary himself or herself. Some states allow these contributions to be tax deductible as well. You must have been diagnosed with a significant disability before you turned 26 to qualify to be a beneficiary of an ABLE account. The total amount of contributions that can be put into an ABLE account for a tax year is $15,000.

Can You Have More Than One ABLE Account?

No, unfortunately, right now, the laws only allow each disabled person to have one ABLE account. However, you can max out your contributions in order to get the most out of your ABLE account. This will enable you to get the optimal amount of savings and for your contributors to get the maximum amount of tax deductions.

How Do I Open an ABLE Account?

If you are already receiving Social Security disability benefits and were under the age of 26 when you were diagnosed with your disability, then you should be automatically eligible to open an ABLE account. The verification is very simple if you meet these criteria. However, if you are not already receiving SSI or SSDI benefits, then you may still be able to open an ABLE account. You will just have to still have been diagnosed with a disability before you reached age 26, meet the Social Security Administration’s criteria for being disabled, and have a letter of certification from a certified physician. If you believe that you qualify for an ABLE account after reading this information, then you can go to and sign up for an ABLE account.
The sign-up process is very straightforward and simple.


Along with Social Security benefits, SNAP assistance, and Lifeline free cell phone services, ABLE accounts are a great way for people with disabilities to get help that can truly make a difference in their lives. ABLE accounts are appropriately named because they really can help people to have a better life experience. If you have a disability and if you were diagnosed with this disability before turning 26, then it is strongly recommended that you open an ABLE savings account to get all of the tax breaks available to you.

Elliot Marks

Elliot Marks

Author & Social Security Advisor

Elliot Marks has spent over 10 years providing clear and concise information to help Americans navigate the complex nuances of social security and many other government services in the United States. Elliot has a passion for helping those in need of these services to be able to find timely access to news and information that is relevant and helpful to their daily lives.