Disabled people in Michigan could soon save money without jeopardizing benefits
Thousands of disabled people in Michigan may soon be able to save up to $100,000 without jeopardizing their federal social security disability payments and other benefits like SNAP.
Lt. Governor Brian Calley says he believes the federal program, called MI-ABLE in Michigan, is the most important program to help disabled people since the Americans With Disabilities Act was passed in 1990.
It applies to those who were disabled or blind before age 26.
Calley says right now, many disabled people feel it's too risky to get a job.
"Because what if it doesn't work out, and they might lose their social security disability benefits in the meantime, and be left with nothing at the end," says Calley. "So this will give them some breathing room, to have an opportunity to make and save some money, and get on that track to independence."
Calley says Michigan is the third state in the nation to participate, but he anticipates all fifty states will eventually join.
Account holders or their families will be able to save up to $14,000 a year in the accounts, tax-free.