Many receiving stimulus funds because of COVID-19 may be worried about exceeding the $2,000 asset and resource limit imposed by public benefits programs like Supplemental Security Income and Medicaid.
Now is the time to consider opening an ABLE United account.
The COVID-19 pandemic has put a strain on personal finances and showed us how important it is to save for the unexpected. An ABLE account – which offers tax-advantaged savings and investment options – may be a good place to save all or a portion of stimulus funds for the future.
While economic impact funds are not generally treated as income by federal, state, and local programs, funds not spent or contributed into an ABLE account within 12 months will count as a resource, likely to impact eligibility for current or future benefits.
Your ABLE United account is about more than saving. It’s investing in a better life.
Para obtener información en español sobre cómo funcionan los fondos de estímulo con las cuentas ABLE, haga clic aquí.