Oftentimes, individuals with disabilities may not be familiar with savings options that are available to them or they may be afraid to save money due to the fear of jeopardizing public benefits. There are a wide variety of saving strategies that individuals with disabilities can potentially access to achieve their savings goal and build their financial well-being.
At National Disability Institute, we focus on five key strategies that can assist an individual to build a life of work, savings and asset development.
The five key strategies, which create opportunities for individuals to learn more about savings, include:
- Benefits Planning and Work Supports
There are a variety of savings options that individuals can access if they are receiving a needs-based benefit such as Supplemental Security Income (SSI) through the Social Security Administration (SSA).
- Employment
Employment provides wages to save money. There are a variety of employment services that an individual with a disability can access to obtain, maintain or enhance their employment status.
- Free Tax Preparation
Tax time is an ideal time to encourage individuals to save money when they receive their tax return. Oftentimes, individuals with disabilities may not file a tax return because of low wages or for fear that, if they do file and get a tax refund, that they will lose their public benefits.
- Financial Education
Financial education is an important strategy for individuals to build their financial well-being. Oftentimes, financial education may not be delivered to individuals with disabilities, though it provides the knowledge and skills they need to build their financial well-being.
- Asset Development
ABLE accounts are a savings option for individuals with disabilities who may qualify for these accounts. These accounts allow an individual to save up to $15,000 per year without these funds impacting an individual’s needs-based benefit, such as Supplemental Security Income.
from Michael R. Roush, Director, Real Economic Impact Network, National Disability Institute
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