South Carolina State Treasurer Curtis Loftis announced the federal ABLE Age Adjustment Act went into effect Jan. 1, 2026, allowing millions more Americans with disabilities the opportunity to build financial independence by opening an ABLE account. As a result of this federal legislation, individuals with a disability present before the age of 46 can open an ABLE account to save for their future.
State Treasurer Curtis Loftis, administrator of the Palmetto ABLE Savings program, states “ABLE accounts help bridge the financial gap that people with disabilities often face. This important change – increasing the age of disability onset from 26 to 46 – means more individuals may now qualify for an account.” This change means that people with a disability that occurred between the age of 27 and 46 such as traumatic brain or spinal cord injuries, lupus, multiple sclerosis, post-traumatic stress disorder (PTSD), hearing or vision loss, and many other disabilities, may now have access to this vital savings tool.
Many more Americans, including many of our military veterans, will now qualify for ABLE account ownership thanks to the ABLE Age Adjustment Act. “South Carolina has a large military population and I’m hopeful many veterans will considering opening a Palmetto ABLE Savings account to help them achieve their financial goals,” said Loftis.
Established in 2014 by Congress, the Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) created an opportunity for eligible individuals with disabilities to save while preserving eligibility for public benefits. Prior to its passage, individuals living with disabilities were unable to save more than the $2,000 resource limit associated with means-tested government benefits like Medicaid and SSI. “This put people in a difficult situation, because their savings jeopardized their eligibility for disability related benefits,” said Loftis. Thankfully, ABLE accounts provide a solution because funds in ABLE accounts are a protected resource and do not impact benefits eligibility.
Treasurer Loftis regularly hears from South Carolinians whose quality of life has improved by having a Palmetto ABLE account. “I met an individual who saved for a down payment on his first home and two brothers who used the money in their accounts to buy a modified van so their caregiver can drive them where they need to go. These are big expenses, and I’m delighted that Palmetto ABLE is empowering these people to achieve their personal financial goals,” Loftis said.
ABLE accounts are special savings and investment accounts for individuals with disabilities, providing them with a tax-advantaged way to save and invest for current and future expenses such as assistive technology, transportation and education as well as everyday living expenses including housing, food, and clothing. Since its launch in 2017, almost 4,000 South Carolinians have opened an ABLE account through the Palmetto ABLE Savings Program and more accounts are opening every day.
Contributions to Palmetto ABLE accounts can come from the account owner, family, friends and other sources. 100% of contributions can be deducted from your South Carolina state income tax return. Interest on the investments in an ABLE account grows free from state and federal taxes and are never taxed when used for qualified disability expenses. To learn more, visit PalmettoABLE.com.
