Treasurer Loftis highlights expanded Palmetto ABLE account eligibility at Disability Advocacy Day
March 4, 2026
Thousands more South Carolinians with disabilities may now qualify for a powerful savings tool designed to protect their benefits and strengthen their financial future.
At Disability Advocacy Day at the State House, State Treasurer Curtis Loftis highlighted expanded eligibility for the Palmetto ABLE Savings Program and urged families to see if they or their loved ones now qualify.
Treasurer Loftis emphasized that the federal ABLE Age Adjustment Act, effective January 1, 2026, increased the age of disability onset eligibility from 26 to 46. As a result, individuals whose disability occurred before age 46 may now qualify to open and contribute to an ABLE account.
“This new federal law means thousands more individuals including many of our veterans can now take advantage of the Palmetto ABLE Savings Program to plan for the future” said Treasurer Loftis.
South Carolina’s strong military presence makes this change especially impactful. “Our state is home to a large and proud military community,” Loftis said. “Many veterans who previously did not qualify may now be eligible to open a Palmetto ABLE® account and work toward their financial goals with confidence.”
Created by Congress in 2014, the Stephen Beck Jr. Achieving a Better Life Experience Act, ABLE accounts allow eligible individuals with disabilities to save and invest without jeopardizing means-tested benefits such as Medicaid and Supplemental Security Income (SSI). Prior to the passage of the law, individuals receiving these benefits could only have up to $2,000, creating significant financial barriers.
“ABLE accounts help bridge a financial gap that has existed for far too long,” Loftis said. “No one should have to choose between saving for the future and maintaining essential benefits.”
Palmetto ABLE accounts provide a tax-advantaged way to save for qualified expenses, including education, housing, transportation, assistive technology, and everyday living expenses such as food and clothing. Contributions can be made by the account owner, family members, friends, or others. In South Carolina, 100 percent of contributions are deductible on the state income tax return. Investment earnings grow tax-free and remain tax-free when used for qualified expenses.
Since launching in 2017, over 4,000 South Carolinians have opened accounts through the Palmetto ABLE Savings Program. Treasurer Loftis shared examples of participants who have used their savings to make a down payment on a first home and to purchase a modified van to improve mobility and independence.
“My message today was simple: if you or someone you love has a disability that occurred before age 46, now is the time to learn more. These accounts exist to empower South Carolinians to save and invest in their future.” Loftis said.
For more information about eligibility and enrollment, visit PalmettoABLE.com.
