Forwarded Action Alert from Maine Disability Alerts: Please contact Senators for ABLE Age Adjustment and SECURE 2.0 acts
Dear Friends of Persons with Disabilities,
Please call US Senators to ask for support of ABLE Age Adjustment Act and SECURE 2.0 to increase SSI asset limit. Details below.
The Senate Finance Committee has tentatively scheduled a markup on the Securing a Strong Retirement Act of 2022, or SECURE 2.0 for Wednesday, June 22nd. SECURE 2.0 is a package of bills to help increase retirement savings and simplify retirement package plans. We are working to get the ABLE Age Adjustment Act and Supplemental Security Income (SSI) Savings Penalty Elimination Act included in SECURE 2.0.
Please call and educate your Senators about the importance of ABLE accounts for those with disabilities over age 26 and the critical need to include the ABLE Age Adjustment Act and the SSI Savings Penalty Elimination Act in SECURE 2.0. If you chose to contact your Senators, please do so immediately, but preferably by Monday June 20st. You can reach the Capitol Switchboard at 202-224-3121. Please ask to speak the person who covers retirement and pensions and/or the Senate Finance Committee. The ABLE Age Adjustment Act has broad bipartisan support, including Senators Burr, Moran, Boozman, Murkowski, Marshall, and Toomey.
ABLE accounts are tax-advantage savings account for people diagnosed with significant disabilities before the age of 26. These savings accounts are crucial for people with disabilities to help them accumulate savings without losing Federal benefits. Prior to the passage of The ABLE Act of 2014, individuals with disabilities could not accumulate more than $2,000 in assets without losing their ability to enroll in programs like Supplemental Security Income and Medicaid. The Able Age Adjustment Act would increase the age of eligibility for these savings accounts from 26 to 46, which would allow more than 14 million Americans to begin saving money through these saving accounts. If this bill passes, more Americans will be able to save up to $15,000 a year and a total of $100,000 without losing access to important Federal benefits. For more information, you can read this letter from the Consortium of Constituents with Disabilities to the Chairmen and Ranking Members of the Senate Finance Committee and the House Ways and Means Committee. Also, attached is a one-page Factsheet on the ABLE Age Adjustment Act.
Additionally, the Supplemental Security Income (SSI) Savings Penalty Elimination Act is being considered as part of SECURE 2.0. Currently, individuals with assets amounting to more than $2,000 and couples with assets amount to more than $3,000 are not eligible for certain Federal benefits programs. The SSI Savings Penalty Elimination Act would raise the asset caps to $10,000 for individuals and $20,000 for couples. This bill also adjusts the caps for inflation every year.