Long-term saving while receiving disability benefits

On Behalf of | May 10, 2017 | Social Security Disability

Living with a disability can be challenging. While individuals in the Kissimmee area and elsewhere can overcome these obstacles, they may still need financial assistance to maintain a normal lifestyle. Applying for and receiving disability benefits can make a huge difference, and these benefits can be the main reason disabled individuals are able to meet their basic needs.

Social Security benefits can be an extremely helpful benefit program to be approved for. Whether it is due to an illness or an injury, if a person can no longer work or only work a few hours per week, these monthly payments can help recipients pay bills, maintain a residence, purchase food and obtain other necessary items.

Even though SSD benefits can make a huge difference in a disabled person’s life, they can cause some limitations. For example, these benefits are usually just enough to cover the cost of living. This results in no leftover funds or the ability to save. In fact, many recipients do not save money, not only because of this limitation but also because if the SSA notes a savings account, it could reduce the payments to the recipient, or even stop benefits altogether.

There is some good news though, for some recipients. As of last year, a new plan was established, allowing for recipients to save money without penalties. This program is called Achieving A Better Experience, or ABLE plan. This is a savings program that is available to those with disabilities that began before age 26. The goal of this program is to set aside money for the future or a child. Additionally, friends and family members can contribute to the plan without penalties.

Money and future finances are a major concern for those living with disabilities. While SSD can help address some of these issues, applicants and recipients may have some questions regarding their options to gain more benefits or save money. Thus, it is important to understand all avenues of assistance when seeking disability benefits.

Source: Themighty.com, “How People With Disabilities Can Build Savings Without Losing Social Security Benefits,” Linda Atwell, May 2, 2017


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