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.
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.