Last week, the U.S. Senate Special Committee on Aging held a hearing entitled, “Building Wealth and Fostering Independence: Creating Opportunities to Save” that examined the challenges that people face while trying to save for retirement and achieve long-term financial security, especially for people with disabilities and communities of color.
Committee Chairman Senator Bob Casey (D-PA) highlighted his bipartisan ABLE Age Adjustment Act (S. 331), which would provide six million additional disabled Americans with the opportunity to open an ABLE account and save for the future.
Currently, the ABLE Act allows people who acquired their disability prior to their 26th birthday to open ABLE accounts. The ABLE Age Adjustment Act would raise the age limit to 46, allowing more Americans to save up to $100,000 while not risking the loss of their federal disability benefits. With the opening of ABLE accounts in 43 states, more than 91,000 people have been able to save over $759 million, an average of over $8,300, according to the Special Committee on Aging web site.
Watch a video recording of the hearing.