Casey’s bipartisan legislation to help 6.1 million additional people with disabilities save for the future with ABLE accounts was included in retirement package
Washington, D.C. - Today, the Senate Finance Committee voted out U.S. Senator Bob Casey’s (D-PA) ABLE Age Adjustment Act, legislation to help people with disabilities save for the future. Introduced by Senators Casey and Jerry Moran (R-KS) in February, the ABLE Age Adjustment Act would build on Casey’s 2014 ABLE Act and enable more people who become disabled as adults to qualify for ABLE accounts, which make it possible for people with disabilities to save money without risking loss of their federal disability benefits. The ABLE Age Adjustment Act has been included in the Encouraging American Retirement Now (EARN) Act and will now head to the full Senate for consideration.
“Today, Democrats and Republicans on the Senate Finance Committee unanimously voted for my legislation to provide more than 6.1 million Americans with disabilities, including 1 million veterans, the opportunity to open an ABLE account and save for the future without losing crucial disability benefits. This will remove barriers to economic independence for millions of Americans, giving people the option to open their own businesses, save for retirement, purchase the technology they need and so much more. Today’s vote brings this legislation one step closer to becoming law,” said Senator Casey.
Senator Casey’s ABLE Act, signed into law in 2014, makes it possible for people who acquired their disability before turning 26 to save money without risking loss of their federal disability benefits. The bipartisan ABLE Age Adjustment Act, first introduced in March 2016, would extend access to people who acquired their disability before age 46. In July 2021, Senator Casey held a hearing in the Senate Aging Committee on building wealth and fostering independence for people with disabilities, which highlighted his ABLE Age Adjustment Act. Casey also urged passage of the ABLE Age Adjustment Act in a March 2022 hearing on unbanked and credit invisible Americans, which focused on older adults and people with disabilities without bank accounts and little to no credit history.
Read more about the ABLE Age Adjustment Act here.