On Tuesday, Dec. 18, California State Treasurer John Chiang hosted a news conference to announce the launch of a new program, CalABLE. This was great news! CalABLE is an innovative state program that will allow individuals with disabilities to open tax-advantaged savings and investment accounts designed to let them contribute significantly more than the $2,000 they are currently allowed to save under rules that apply to many government programs.
John Chiang announcing the launch of CalABLE
Under CalABLE, eligible individuals will be allowed to contribute $15,000 per year, up to a maximum of $529,000, into their account and still maintain benefits such as Medical and CalFresh. As an additional bonus, people who want to remain eligible for SSI can contribute the annual $15,000 and deposit up to $100,000 into their fund without the funds counting as assets.
For more details about CalABLE, see the Treasurer’s full news release.