New Federal Legislation to Increase SSI Asset Limits
From Justice In Aging
"Supplemental Security Income (SSI) is an anti-poverty program that provides modest financial assistance to older adults and people with disabilities. Since 1972, the program has been a vital lifeline for millions of Americans who cannot work enough to meet their basic needs.
But SSI has not kept pace with current economic realities. To qualify for SSI, individuals cannot have more than $2,000 in savings, while married couples are limited to $3,000. These outdate "asset limits"-which have not been updated since 1989-make it extremely difficult for SSI recipients to save money for essential expenses such as home repairs, rent, or emergencies without putting the benefits they rely on to live at risk.
U.S. Senators Sherrod Brown and Bill Cassidy announced the introduction of the SSI Savings Penalty Elimination Act. The bipartisan legislation would raise SSI asset limits to $10,000 for individuals and $20,000 for married couples, and index asset limits to inflation. U.S. Representatives Brian Higgins (D-NY-26) and Brian Fitzpatrick (R-PA-1) will introduce companion legislation in the House. U.S. Senators Ron Wyden (R-OR), Susan Collins (R-ME), Bob Casey (D-PA), and James Lankford (R-OK) are original Senate cosponsors."
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