President Barack Obama held his year-end press conference Friday. Before leaving for vacation, the president signed the ABLE Act. (Olivier Douliery/Abaca Press/TNS)
With his signature, the president has paved the way for people with disabilities to open tax-free savings accounts where they can amass more than $2,000 without losing government benefits.
President Barack Obama signed the Achieving a Better Life Experience, or ABLE, Act Friday before leaving Washington for the holidays.
The new law will allow people with disabilities to open special accounts where they can save up to $100,000 without risking eligibility for Social Security and other government programs. What’s more, individuals can keep their Medicaid coverage no matter how much money is accrued in an ABLE account.