South Carolina has surpassed 2,300 account holders in its Palmetto ABLE Savings Program.

State Treasurer Curtis Loftis said this gives people with disabilities the opportunity to save for the future without jeopardizing eligibility for federal benefits.

Loftis, who serves as administrator for Palmetto ABLE. said. “The program provides the freedom to create savings goals and to prepare for the added expenses that often accompany living with a disability. ABLE accounts are owned by the qualifying individual, helping to foster independence and enhance self-reliance.

Account balances are excluded from spend-down requirements, better positioning owners to seek employment and increase their savings without fear of losing important benefits, such as Medicaid and SSI.

Contributions to Palmetto ABLE accounts can be made by the account owner, family members or even friends, and 100% of contributions can be deducted on the contributor’s South Carolina state income tax return. Earnings on ABLE accounts are also tax-free when distributions are used for qualified disability-related expenses. Up to $15,000 a year can be added to an ABLE account and allows up to $12,760 a year of additional contributions by an employed account owner.

To learn more about the Palmetto ABLE Savings Program and its eligibility requirements, visit https://PalmettoABLE.com/.