Pass S. 2767 / H.R. 5408: The Bipartisan SSI Savings Penalty Elimination Act!

As your constituent, I am urging you to vote for the passage of S. 2767 / H.R. 5408 the bipartisan SSI Savings Penalty Elimination Act. When the SSI program was created in 1972, the asset limits were $1,500 in savings for individuals and $2,250 for couples. The limits were gradually increased between 1985 and 1989 to what it is today. If the asset limits had been indexed to inflation beginning in 1972, it would be $9,929 for an individual and $14,893 for a couple in 2024. Due to these onerous asset limits, SSI recipients can’t have much of anything in cash, bank accounts, retirement accounts, whole life insurance policies, investments, and certain types of personal property to be eligible for the benefit, which keeps them stuck in a life of poverty. The bipartisan SSI Savings Penalty Elimination Act would increase the asset limit from $2,000 to $10,000 for an individual and $3,000 to $20,000 for a couple, and it would exclude retirement savings from the countable assets. The limits on assets for SSI beneficiaries are truly unfair to families. They often prevent family members from seeking promotions, accepting new jobs, or saving money for fear that their loved one will lose their benefits. The workforce is also impacted by the draconian asset limit. It keeps qualified workers out of the job market for fear of losing access to benefits or health insurance. Will you join Senators Brown (D-OH) and Cassidy (R-LA) and Representatives Fitzpatrick (R-PA) and Higgins (D-NY) as cosponsors of the SSI Savings Penalty Elimination Act? Thanks!