These little-known bank accounts allow Americans with disabilities to save and invest

NEW YORK — Paul Safarik, 32, of Lincoln, Nebraska, has worked in the food industry since he was 21, delivering for quick service restaurants like Raising Cane’s and stocking groceries at stores like Trader Joe’s. That’s unusual, financially speaking, and it’s thanks in part to a little-known savings account called an ABLE account, which lets people people with disabilities save money beyond the $2,000 asset limit that’s linked to benefits like Supplemental Security Income and Medicaid. Now we’re seeing average account balances of between $11,000 and $12,000.” Generally, ABLE accounts may reach totals of $100,000 without affecting Supplemental Security Income. Investment earnings from ABLE accounts remain untaxed as long as money taken from the account is used for “qualified disability expenses,” such as medical treatment, education, tutoring and job training. Right now, ABLE accounts are for: — People whose disability began before age 26, and — People for whom the disability is “terminal or long-term ” and for whom the disability causes “marked and severe functional limitations.” A qualifying person must also meet one of the following criteria: — Being eligible for Supplemental Security Income or Social Security Disability Insurance because of the disability; or — A doctor has diagnosed the disability.