1. United States
2. N.Y.
3. Letter

The SSI Savings Penalty Elimination Act aims to update the outdated asset limits for the Supplemental Security Income (SSI) program, which provides crucial financial assistance to elderly, blind, and disabled individuals with limited resources. The current limits of $2,000 for individuals and $3,000 for couples have remained stagnant since 1989, failing to account for inflation and the rising cost of living. By increasing these limits, the Act would alleviate the penalty imposed on SSI recipients who strive to build modest savings, empowering them to improve their financial stability without risking the loss of essential benefits. This reform recognizes the fundamental role of savings in promoting self-sufficiency and economic mobility, aligning the program with its intended goal of supporting our most vulnerable citizens in leading dignified lives. Enacting this legislation would be a compassionate step towards ensuring SSI fulfills its purpose of providing a reliable safety net.