14 Million Americans Could Be Using This Powerful, Little-Known Tool to Boost Their Savings. Are You One of Them?
More than 70 million U.S. adults live with a disability, but only 2% know what an ABLE account is.
Key Takeaways
- Employment among Americans with disabilities has been rising, but many are unaware of ABLE accounts, a tax-advantaged way to save without losing key benefits.
- ABLE accounts allow eligible people with disabilities to save up to $100,000 without jeopardizing eligibility for needs-based programs like Medicaid or Supplemental Security Income.
- A 2022 law expanded ABLE eligibility so that, as of 2026, people whose disability began at age 46 or younger can qualify, increasing the potential eligible population to about 14 million people.
The U.S. workforce is experiencing a shift: Employment among people with disabilities has been steadily climbing in recent years.
According to a recent CNBC report, even as Americans gain jobs and financial independence, millions are missing out on a powerful, little-known tool that could significantly boost their savings: Achieving a Better Life Experience (ABLE) accounts.
ABLE accounts are tax-advantaged savings tools that can be set up by a person with a disability, or someone authorized to act on their behalf, such as a parent, legal guardian or power of attorney. These accounts allow both children and adults with disabilities to set aside up to $100,000 without putting their eligibility for critical benefits like Medicaid or Supplemental Security Income at risk.
ABLE account withdrawals are tax-free as long as account holders spend the funds on eligible disability-related costs. According to the IRS, these expenses can include essentials such as housing, education, transportation and assistive technology.
Voya Financial published research earlier this year showing that only 2% of U.S. workers understand what an ABLE account is.
“[It] is such an important vehicle to be able to provide savings without jeopardizing government benefits,” Voya Financial CEO Heather Lavallee told CNBC.
Meanwhile, more people with disabilities are in the workforce than ever before. According to the U.S. Department of Labor’s Office of Disability Employment Policy, the employment rate for working-age people with disabilities rose from 31% in early 2020 to 38% by mid 2024, reaching some of the highest levels on record.
More than one in four U.S. adults, or over 70 million people, are living with a disability, based on 2022 figures from the Centers for Disease Control and Prevention.
Expanding eligibility for ABLE accounts
Public relations consultant Sena Pottackal, who is blind and has multiple other disabilities, told CNBC that she initially assumed she was too old to qualify for an ABLE account. She recalled being 27 years old when someone told her the accounts were only for people age 26 and younger.
In reality, ABLE eligibility hinges on when a person’s disability began, not how old they are now. ABLE accounts have been available for over a decade, but a federal law passed in 2022 broadened who can qualify for them. Beginning January 1, the age limit for eligibility went up from 26 to 46 years old, increasing the potential eligible population to about 14 million people.
“If they’ve acquired their disability at 46 or younger, they’re eligible, putting this back on my radar,” Pottackal told CNBC. “This could be a very valuable way for me to save for the future and develop financial and economic stability.”
ISS Market Intelligence, a financial research firm, told The New York Times last year that at the end of September 2025, about 223,000 ABLE accounts held $2.9 billion in assets.
“I think the message is starting to get out,” Thomas Foley, executive director of the National Disability Institute, an advocacy group, told the Times. But, he added, “we’ve got a long way to go.”
Key Takeaways
- Employment among Americans with disabilities has been rising, but many are unaware of ABLE accounts, a tax-advantaged way to save without losing key benefits.
- ABLE accounts allow eligible people with disabilities to save up to $100,000 without jeopardizing eligibility for needs-based programs like Medicaid or Supplemental Security Income.
- A 2022 law expanded ABLE eligibility so that, as of 2026, people whose disability began at age 46 or younger can qualify, increasing the potential eligible population to about 14 million people.
The U.S. workforce is experiencing a shift: Employment among people with disabilities has been steadily climbing in recent years.
According to a recent CNBC report, even as Americans gain jobs and financial independence, millions are missing out on a powerful, little-known tool that could significantly boost their savings: Achieving a Better Life Experience (ABLE) accounts.
ABLE accounts are tax-advantaged savings tools that can be set up by a person with a disability, or someone authorized to act on their behalf, such as a parent, legal guardian or power of attorney. These accounts allow both children and adults with disabilities to set aside up to $100,000 without putting their eligibility for critical benefits like Medicaid or Supplemental Security Income at risk.
