Bill Introduced to Raise SSI Resource Limits

From Justice in Aging

Supplemental Security Income (SSI) is a critical benefit for millions of older adults and people with disabilities. However, the program has not been updated in decades, and, as a result, SSI does not serve the people it was meant to help avoid poverty and economic insecurity. A new bipartisan bill, the SSI Savings Penalty Elimination Act (S. 4102), introduced by Ohio Senators Sherrod Brown (D. Ohio) and Rob Portman (R. Ohio), would make some adjustments to the program that would help SSI recipients keep more of their assets and save for emergencies. 

Currently, SSI recipients are only allowed to have $2,000 in countable resources ($3,000 for couples) before they become completely ineligible for SSI benefits. The bill would increase the current asset limits in the SSI program to $10,000 for individuals and $20,000 for couples, allowing recipients to save for emergencies without putting their benefits at risk. It would also index the limits to inflation so they would be adjusted annually based on Consumer Price Index data.

This is the first bipartisan SSI legislation in more than 30 years, and could expand economic security for low-income SSI recipients who wish to save money in order to cover the typical extra costs of living that arise for everyone at various points in their lives. We applaud Senators Brown and Portman for their effort to come together for the benefit of low-income older adults and people with disabilities who depend on this critical program.