There's a game-changing way for people with disabilities to save. Few are using it investinyou (In partnership with acorns.)
The 25-year-old from Bedford, Massachusetts, who has autism, works three jobs and saves every paycheck. He is descended from a long line of farmers on his father's side and says he wants to purchase a farm of his own someday. He's stashing away more than $1,000 a month toward that end.
For years, individuals with disabilities and their families have been discouraged from putting too much money in savings. Brian Guay, holding his painting of farmers in his family, is saving over $1,000 a month in an ABLE account in hopes of buying his own farm.Why? Because having more than $2,000 in cash or investments in a disabled relative's name could mean losing all or a portion of critical government benefits their loved one receives, such as Supplemental Security Income, Medicaid or other services.
The good news: The account's total value can grow to $100,000 without jeopardizing access to government assistance. "For someone that has the ability to want to save those dollars and can earn it, the ABLE account has been the greatest thing to come out for a disabled person in 20 years," says financial advisor Charles Massimo, founder and CEO of CJM Wealth Management in Deer Park, New York, and the father of two 19-year-olds who are autistic.
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