Social Security Disability Benefits
New Investment Program, “STABLE” Available To Disabled Ohioans Who Are On Social Security Disability Benefits
Back in 2016, then Ohio Treasurer Josh Mandel announced a new program called STABLE, which created a new type of investment account that had certain tax advantages, and was available to disabled Ohioans and their families. Ohio was the first state to create such a program, and it has since been expanded to residents of all states.
A person is considered eligible for a STABLE account if they are entitled to receive Supplemental Security Income (SSI) because of their disability, Social Security Disability Insurance (SSDI) because of their disability, have a condition listed on the Social Security Administration’s List (https://www.ssa.gov/compassionateallowances/conditions.htm), or be able to ‘self certify’ their disability and diagnosis via a certain set of procedures including a signed diagnosis from a licensed physician in most cases. Such an account allows individuals with disabilities to save and invest without losing needs-based benefits.
Participants in the program can choose from five different investment options. Anyone, including family and friends, can contribute to an account, and a maximum yearly contribution of $15,000 a year can be made … Read More... “Disabled Individuals May Save and Invest Without Losing Need-Based Benefits”