Savings and assets

Saving money is a big part of planning for your future. This includes saving money for tough times as well as investing money for the future. Better yet, there are ways to save money without losing your benefits. 

If saving money feels impossible or overwhelming, take it one step at a time. Start by asking questions such as these: 

  • If I don't have enough money to pay my bills, how can I save for a rainy day? Getting a handle on your income and spending is the first step. When you know where your money is going, you can look for ways to save. Saving even a few dollars a week is a good start.
  • Won't I lose my benefits if I save money? Benefit programs often have limits on how much you can own and keep, but there are many ways you can save money without losing your benefits.
  • What is an Individual Development Account? These accounts — known as IDAs — are meant to save money for a specific goal, such as buying a home. Deposits can be increased with matching funds paid by the program. IDAs don't count as a resource for most benefit programs. 
  • Do I qualify for an ABLE account? If your disability began before age 26, you can put money into an ABLE account (which stands for Achieving a Better Life Experience). These investments aren't taxed, so your earnings will grow faster. Plus, these investments aren't counted toward your asset limit for public benefits, such as Supplemental Security Income (SSI) or Medical Assistance (MA).
  • Should I consider a special needs trust? Large amounts of money, such as an inheritance, can be deposited into a special needs trust. The trust provides another way to keep income without affecting benefits.
  • How can I save for college? A popular option is a 529 plan, which allows money to grow and be withdrawn tax-free — as long as it's used for educational expenses.
  • How can I save for retirement? You might be able to enroll in a 401(k) or 403(b) retirement savings plan through your employer. Or, you can open an Individual Retirement Account — or IRA — yourself. These plans offer helpful tax breaks.


Learn more

Asset development | National Disability Institute

Ways to save and pay for college | Minnesota College Savings Plan

Building your assets and wealth: The basics | Disability Benefits 101


How the Hub can help

The Hub team can help you: 

  • Explore ways to save for the future
  • Understand different types of savings programs
  • Connect to investment resources

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