December 9th, 2014|
There are currently more than 216,000 Alabamans who receive Social Security Disability (SSD) benefits because they’re unable to work due to medical conditions. Despite these benefits, many recipients still struggle to make ends meet.
Many believe the disabled are trapped into the program due to archaic laws that limit the amount of money and assets recipients of SSD funds can accumulate. Current standards prohibit those who collect payments from the program from having more than $2,000 at any given time. This prevents the disabled from saving to purchase transportation, pay for medical bills or an education, or buy homes.
But elected officials are working to change these rules, and a bill was recently passed through the House of Representatives that would allow the disabled to establish better savings. According to an article from News 6, Social Security Disability recipients would be allowed to set up a tax-free savings account, in which they could deposit up to $14,000 annually without penalty. The accounts would be unable to hold more than $100,000 to cover expenses.
At Norris Injury Lawyers, we support any measure that allows the disabled to improve their lives. That’s why our Birmingham personal injury lawyers are hopeful the bill continues to move through the approval process successfully.