The SSI Savings Penalty Elimination Act increases the amount of money that low-income individuals and couples can save without losing eligibility for Supplemental Security Income (SSI), a federal benefit program for elderly, blind, and disabled people with limited resources. Starting in 2025, individual recipients can have up to $20,000 in savings (up from $2,250) and couples can have up to $10,000 (up from $1,500) while still qualifying for benefits. These limits will automatically increase each year based on inflation, measured by the Consumer Price Index, to keep pace with rising costs of living. The bill has bipartisan support from senators including Cortez Masto, Cassidy, Wyden, Collins, and others, and was referred to the Senate Finance Committee in April 2025. This change aims to reduce the penalty that currently discourages SSI recipients from building modest savings for emergencies and financial security.
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