Benefits 26-08
Building Assets Through Work: How WIPA Help?
For a long time, public benefit programs like Supplemental Security Income (SSI) were set up in a way that made it hard for people with disabilities to save money. With strict limits like the traditional $2,000 asset cap, saving up for the future often felt out of reach.
Working and building financial security should go hand in hand. That’s where the Work Incentives Planning and Assistance (WIPA) program comes in. Through WIPA, we help you understand how working can help you build lasting savings without putting your critical cash benefits or Medicaid coverage on the line.
Work Incentives: Your Blueprint for Financial Growth
When you decide to work, you don’t have to navigate the Social Security rules alone. Our certified Community Work Incentives Coordinators (CWICs) walk you through SSA work incentives designed to protect your safety net while you earn:
- Plan to Achieve Self-Support (PASS): This incentive lets you set aside income or resources toward a specific career goal. Money saved under a PASS plan doesn’t count toward your SSI asset limit and can pay for trade school, college tuition, specialized equipment, or starting a business.
- Individual Development Accounts (IDAs) & EITC: We also help you connect your earned income with matched savings programs and tax refunds like the Earned Income Tax Credit to grow your cash reserves faster.
Saving Earnings with a Florida ABLE Account
If you want to save the money you make from your job, pairing WIPA counseling with ABLE United (Florida’s ABLE program) is one of the smartest moves you can make.
- Save Beyond the $2,000 Limit: Money you deposit into an ABLE account is completely excluded from the SSI resource limit (up to $100,000).
- ABLE to Work: If you’re working and don’t have an employer retirement plan, you can save even more of your wages into your ABLE account each year.
- No Loss of Benefits: Your Medicaid, SSI, and other benefits stay protected while your savings account grows.
Why Do Assets Matter?
At the end of the day, building money through work isn’t just about watching a number grow in a bank account. It’s about where you live and how you stay independent.
When you use an ABLE account to save, you can withdraw those funds tax-free for Qualified Disability Expenses. This ties directly into our broader mission to keep people with disabilities housed and thriving in their own communities:
- You can use your saved earnings to pay for home modifications—like ramps, widened doorways, roll-in showers, or smart technologies—so you can stay in your home safely as you age.
- Saved wages can cover security deposits, first and last month’s rent, application fees, or down payments when you’re ready to move into an accessible unit.
- You can pay rent, mortgage, property taxes, or utilities out of your ABLE funds without impacting your monthly benefits.
We’re Here to Help You Take the Next Step
- WIPA & Work Incentives Counseling: Contact South Florida WIPA project at 305-453-3491
- Florida ABLE United Information: Call 888-524-ABLE (2253) or visit ableunited.com
Disclaimer: This article is provided for general informational purposes only and is not legal or tax advice. Please consult a qualified professional or CWIC regarding your specific situation.
