New savings plan available for Kentuckians on disability
A huge change to the law: That’s what Kentucky State Treasurer Allison Ball calls Stable Kentucky. It’s a savings and investment program for people in Kentucky on disability.
She created the program to increase the standard of living for people on disability.
The program would allow people on disability to save up to $14,000, tax free, at the federal level without having their benefits taken away from them. Before this program, benefits could be taken away if savings exceeded $2,000.
Family members and friends can also contribute to this savings account. According the website, people are given the option of "five different investment options, including four mutual fund based investments and one FDIC-insured investment."
Ball said that savings can only be used for certain expenses related to your disability, such as transportation, housing, and legal fees.