Planning for Life

Globe Reports on Young Man Stung By Social Security System

Posted by Harry S. Margolis on May 1, 2018

By Harry S. Margolis

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In a column in Monday's Boston Globe, "Government demands back $1,600 it paid to quadriplegic while he worked as a college intern," Sean P. Murphy reports on Jared Coppola who suffered a spine injury while playing high school football. Fortunately, nine years later Coppola has graduated college and is working full-time and living in Atlanta.

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Topics: SSI, SSDI

ABLE Opens in Massachusetts

Posted by Anthony Bushu on May 10, 2017

By Karen Mariscal 

disabled man.jpgGood news: On May 10th Massachusetts launched its ABLE program, named The Attainable Savings Plan, to allow people who become disabled to save money, tax-free, and have more financial freedom than they have had in decades. 

An ABLE account allows donors to put up to $14,000 into the account per year, to grow tax-free. Even more important than the tax benefits, the money in the account, up to $100,000, is not counted when determining eligibility for Supplemental Security Income (“SSI”) and MassHealth.  In other words, a person can have up to $100,000 in an Able Account and still be considered to have less than $2,000 in assets, thereby qualifying for SSI and MassHealth.

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Topics: SSI, ABLE Accounts, Attainable Savings Plan

How the Differences between SSI and SSDI Can Impact Financial Planning for Your Special Needs Child

Posted by Anthony Bushu on February 22, 2017

By Karen Mariscal 

Financial Planning for Your Special Needs Child: SSI and SSDI

Parents of children with special needs should understand the U.S. government’s two different income support programs: SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance). These programs both provide cash to disabled people who cannot be gainfully employed, via monthly checks. There is a lot of confusion about the difference between the two programs. Although SSI and SSDI both provide supplemental income to disabled people, and have similar names, they are completely different programs.

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Topics: financial planning, special needs, Special Needs Child, SSI, SSDI

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