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ABLE Age Adjustment Act Passed Out of the Senate Finance Committee

June 24, 2022
Source: ABLE National Resource Center

ABLE Age Adjustment Act

National Disability Institute (NDI) and the ABLE National Resource Center (ABLE NRC) commend the Senate Finance Committee for approving amendments to the Enhancing American Retirement Now (EARN) Act, which included ABLE Age Adjustment. If the EARN Act passes, ABLE account eligibility would expand the age of onset of disability from before age 26 to before age 46. This would expand the total pool of eligible ABLE participants from eight million to 14 million people.

“By passing the ABLE Age Adjustment Act, as many as six million new people will become eligible for these life changing savings accounts,” said Thomas Foley, Executive Director, National Disability Institute and ABLE account owner. “This is a market solution that will strengthen ABLE from a fiscal perspective, drive innovation and allow older adults who became disabled through accidents, chronic illness or military service to build a better economic future for themselves and their families.”

ABLE accounts provide an opportunity for millions of individuals with disabilities and their families to save and invest for a broad range of qualified disability expenses such as those related to housing, employment, assistive technology, education, transportation, health care, personal support services, financial services and more.

We thank the Senate Finance Committee for their bipartisan support of this bill and strongly recommend that the Senate pass the full retirement package, which includes the ABLE Age Adjustment Act, so that more people with disabilities can be eligible to open and benefit from ABLE accounts and move forward on their ABLE path to “Achieve a Better Life Experience.”

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