Millions of people with disabilities may be missing out on this little-known savings tool

Employment has been rising over the past few years for a growing group of Americans — people with disabilities. Yet millions of workers are leaving money on the table, experts say, because they are unaware of a key financial resource designed for people with disabilities known as an Achieving a Better Life Experience, or ABLE , account. These tax-advantaged accounts can be opened by an individual who is disabled or their authorized representative — for example, a parent, legal guardian, or agent named in your power of attorney. A child or adult with disabilities can save up to $100,000 in an ABLE account without losing eligibility for needs-based programs, such as Medicaid or Supplemental Security Income . ABLE accounts distributions are tax-free when used for qualifying disability-related expenses. Those can include housing, education, transportation and assistive technology, among others, according to the IRS . "Roughly 2% of employees in the United States understand what an ABLE account is, which is such an important vehicle to be able to provide savings without jeopardizing government benefits," said Voya Financial CEO Heather Lavallee , citing recent research from the financial firm. More from Women and Wealth: More than 1 in 4 adults — over 70 million — U.S. adults live with a disability, according to 2022 data from the Centers for Disease Control . …