Planning for the Future

» Most Social Security Disability Insurance (SSDI) recipients receive between $700 and $1,700 per month (the average for 2015 is $1,165) » Special rules make it possible for people with disabilities receiving Social Security or Supplemental Security Income (SSI) to work and still receive monthly payments and Medicare or Medicaid.

» Allows you to create a spending plan » Ensures that you will always have enough money for the things you need and the things that are important. » Helps you save » Helps you to keep out of debt or work you way out of debt. Let’s work the numbers…

» The Achieving a Better Life Experience Act (ABLE Act) (H.R. 647/S 313) ˃ Tax-free savings accounts available to cover qualified expenses such as education, housing and transportation. ˃ On December 19, 2014, President Barack Obama signed the ABLE Act into law.

1.For the first time, eligible individuals and families will be allowed to establish ABLE savings accounts that will not affect their eligibility for SSI, Medicaid and other public benefits. 2.Eligibility is limited to individuals with significant disabilities with an age of onset of disability before turning 26 years of age. 3.The total annual contributions by all participating individuals, including family and friends, is $14,000, an amount which will be adjusted annually for inflation.

4.A “qualified disability expense” means any expense related to the designated beneficiary as a result of living a life with disabilities. 5.Each state is responsible for establishing and operating an ABLE program. 6.The ABLE Act limits the opportunity to one ABLE account per eligible individual. 7.Like state 529 college savings plans, states are likely to offer qualified individuals and families multiple options to establish ABLE accounts with varied investment strategies.

8.An ABLE Account will provide more choice and control for the beneficiary and family. For more information about the ABLE Act and what it might mean, visit the National Disability Institute.

» Stronger, healthier families » Long-term thinking and planning » Enhanced self-esteem » Sense of pride » More community involvement » Hope for the future “Understanding Asset Development For Persons with Disabilities” Abby Cooper

» Income assessment » Determine your clients skill set » Vocational Rehabilitation » Provide access to Financial Education LA Workforce Commission – LA Rehabilitation Services

» Provide access to Financial Education ˃ Basic Budgeting ˃ Credit Repair ˃ Earned Income Tax Credit (EITC) Management ˃ Credit Card Management FDIC Money Smart –

» Education or Skills Training » Employment and/or Self-employment » Second Income » Save, Save, Save (ABLE Account) » Investing » Retirement Account » Life Insurance (future generations) How did you build wealth?…

» Employment and/or Self-Employment ˃ Supplement existing income ˃ Free vocational rehabilitation, training, job referrals ˃ Trial work period (no benefits loss) ˃ Ability to save for the future. Social Security “Working While Disabled—How We Can Help”

Louisiana Association for Personal Financial Achievement Phyllis P. Phillips, Executive Director