What Age Can You Open an ABLE Account?
The Achieving a Better Life Experience (ABLE) account is a powerful tool for individuals with disabilities to save money without affecting their eligibility for government benefits like SSI and Medicaid. But at what age can an individual open an ABLE account?
Age Eligibility for an ABLE Account
Any age can qualify for an ABLE account, as long as the individual’s disability began before a specific age cutoff.
- Currently, the disability must have started before the age of 26.
- Starting in 2026, this age limit will increase to 46 due to the SECURE 2.0 Act.
Who Can Open the Account?
The ABLE account can be opened by:
- The individual with the disability, if they are capable of managing the account.
- A parent or legal guardian on behalf of a minor or someone who cannot manage their account.
- An authorized representative, such as a power of attorney.
Why Is the Age Limit Changing?
The increase in the eligibility age from 26 to 46 is part of an effort to expand access to ABLE accounts for individuals whose disabilities may have developed later in life, such as those with traumatic brain injuries, multiple sclerosis, or other late-onset conditions.
How to Open an ABLE Account
To open an ABLE account, follow these steps:
- Check eligibility based on the disability onset age.
- Choose an ABLE program (some states allow out-of-state enrollees).
- Gather necessary documents, such as proof of disability and identification.
- Enroll online through an approved ABLE program provider.
Final Thoughts
ABLE accounts provide financial freedom and security for individuals with disabilities. If you or a loved one qualifies, opening an account can be a step toward greater financial independence.
For more guidance on ABLE accounts and special needs planning, visit SpecialNeedsTrustsOnline.com.