South Carolina Expands Support for Residents with Disabilities Through Palmetto ABLE Savings Month
CHARLESTON, S.C. — South Carolina is putting a spotlight on financial independence for residents with disabilities by declaring August as Palmetto ABLE Savings Month, an initiative led by State Treasurer Curtis Loftis, according to Live 5 News. The campaign encourages eligible residents to open savings accounts that can grow without jeopardizing their access to public benefits.
A Boost for New Accounts
Individuals under age 26 living with a disability can now open a STABLE account with a $25 initial contribution — a sum matched by the program through a special donation. These accounts, part of the national ABLE program, allow people to save and invest up to $19,000 annually without affecting their eligibility for disability-related benefits.
Currently, about 3,800 South Carolinians are using the platform, contributing to the nationwide total of 195,000 ABLE account holders who have collectively saved $2.3 billion.
Eligibility Expansion Coming in 2026
Beginning next year, the program will broaden eligibility to include those 46 years old and younger, a change expected to significantly increase participation. Supporters say this expansion will help more residents with disabilities plan for long-term needs, such as education, housing, and healthcare expenses.
Long-Term Impact on Financial Independence
Advocates note that the Palmetto ABLE program not only provides an immediate financial boost but also promotes a culture of long-term planning among individuals with disabilities. With the ability to invest savings, account holders have a chance to grow wealth and reduce reliance on short-term assistance programs.
For more details or to open an account, visit palmettoable.com.
Do you think expanding the eligibility age will have a big impact on South Carolina’s disability community? Share your thoughts with us at SaludaStandard-Sentinel.com.
