ABLE United Expands Financial Opportunities for Floridians with Disabilities
New federal law allows veterans and adults with later-onset disabilities to save tax-free while protecting public benefits.
Florida's official ABLE program, ABLE United, is thrilled to announce a significant change brought by the ABLE Age Adjustment Act. This new legislation, effective January 1, 2026, enables individuals with disabilities whose conditions began after the age of 26 to establish ABLE accounts. This monumental shift is expected to benefit roughly 6 million Americans, including over 1 million veterans, providing them with the chance to secure their financial futures without risking essential public benefits.
Previously, only those individuals who had disabilities originating before they turned 26 qualified for these specialized savings accounts. The legislative change reflects a broader understanding that various disabilities can manifest later in life, such as multiple sclerosis, traumatic brain injuries, spinal cord injuries, post-traumatic stress disorder, and many others often linked to military service.
This expansion of eligibility in Florida translates to about 427,000 newly eligible individuals who can take advantage of the benefits offered through ABLE accounts. To promote this initiative, ABLE United is excited to offer a $50 incentive for new accounts opened from January 5 to April 30, 2026.
John Finch, Director of ABLE United, expressed the organization's commitment to empowering individuals with disabilities by stating, "Florida has always been a leader in supporting financial independence for individuals with disabilities. With the Age Adjustment Act, we’re broadening that opportunity for countless more Floridians. This is not just a policy change; it’s a step toward greater inclusivity and progress for these individuals and their families."
Since their inception in 2016, ABLE United accounts have empowered over 18,000 Floridians with disabilities to save a total of $140 million for both everyday needs and future endeavors. These accounts are designed to allow individuals to save without jeopardizing their access to critical public benefits like Supplemental Security Income (SSI) and Medicaid, making them a smart option for tax-free savings.
Travis Finchum, a Board Certified Elder Law Attorney and a founding member of Special Needs Lawyers, highlighted the importance of this legislation for individuals who developed disabilities after the age of 26. He stated, "Years of restricting access to these accounts for those who became disabled later in life were frustrating. This new law creates a pathway for these individuals to save while protecting their vital benefits. It’s a significant advancement for dignity, autonomy, and financial security."
ABLE United accounts permit individuals with disabilities to save up to $20,000 annually while maintaining their eligibility for public benefits. Additionally, family members and friends can contribute to further bolster their savings.
The funds accumulated in an ABLE account can be utilized for various purposes, including assistive technology, education, housing, transportation, health care, and more. Individuals can enroll without any fee, and their savings grow tax-free if withdrawn for approved expenses.
About ABLE United
Founded in July 2015, ABLE United is a registered nonprofit organization created by the State of Florida to manage its ABLE program. The organization aims to help individuals with disabilities save private funds to cover costs that support their health, independence, and quality of life. The Florida Prepaid College Board, established in 1987 and overseeing significant investments in Florida's 529 Plans, backs ABLE United.
Frequently Asked Questions
What is the ABLE Age Adjustment Act?
The ABLE Age Adjustment Act expands eligibility to individuals whose disabilities onset after age 26, allowing more people to benefit from ABLE accounts.
Who can open an ABLE account in Florida?
Floridians with disabilities, now including those with later-onset conditions, can open an ABLE account to save for their future.
How much can individuals save in ABLE accounts?
Participants can save up to $20,000 per year in their ABLE accounts while keeping their public benefits intact.
What are the benefits of ABLE accounts?
ABLE accounts offer tax-free savings and protect eligibility for essential public benefits, making them an essential financial tool for individuals with disabilities.
Is there an incentive for opening an ABLE account?
Yes, ABLE United is currently offering a $50 incentive for new accounts established between January 5 and April 30, 2026.
