The SSI Savings Penalty Elimination Act significantly increases the asset limits for people receiving Supplemental Security Income (SSI), a federal program that provides cash assistance to elderly, blind, and disabled individuals with limited income and resources. Currently, SSI recipients can only have $2,250 in savings as an individual or $1,500 as a couple before losing eligibility; this bill raises those limits to $20,000 for individuals and $10,000 for couples starting in 2025. The new limits will automatically increase each year based on inflation, measured by the Consumer Price Index, ensuring they keep pace with the cost of living. This change removes a significant barrier that discourages SSI recipients from saving money for emergencies or future needs, as many currently lose benefits if they accumulate modest savings. The bill was introduced by a bipartisan group of House representatives and referred to the Committee on Ways and Means.
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