Tuesday, July 9, 2024 In celebration of the 34th anniversary of the American with Disabilities Act this month, the Michigan Department of Treasury is collaborating with MiABLE account holders to promote the opening of new MiABLE savings accounts among individuals with disabilities. For 38-year-old Livonia resident Aaron Martinuzzi, who experienced a spinal cord injury nearly two decades ago due to a diving accident, the MiABLE account has been crucial. It has enabled him to continue his career as a software analyst without jeopardizing his financial security.
In Michigan, as well as across the nation, individuals with disabilities who receive government benefits must contend with a federal asset cap of $2,000. This group is notably at a higher risk of poverty, with a doubled likelihood compared to non-disabled peers, and faces significant challenges in gaining and maintaining employment. MiABLE offers a financial pathway for individuals who were disabled before turning 26, allowing them and their families to invest up to $18,000 each year in a variety of options, according to de Varona.
Despite the significant need, only about 1% of the estimated 500,000 to 600,000 eligible Michigan residents have opened MiABLE accounts, highlighting a substantial gap in enrollment. Martinuzzi is an avid supporter of the investment opportunities provided by MiABLE and actively encourages others with disabilities to invest in MiABLE accounts. He emphasizes the importance of these accounts in a.
