I am asking you to please support the SSI Savings Penalty Elimination Act (H.R. 5408/S. 2767). This is the first bipartisan, bicameral bill in over 30 years to update the Supplemental Security Income (SSI) program’s asset limits.
Since 1989, in order to be eligible for SSI benefits, an individual’s assets have been limited to $2,000 and $3,000 for married couples. The SSI Savings Penalty Elimination Act would raise the asset limit to $10,000 per individual/$20,000 per couple. The legislation would then adjust that number for inflation every year. This will better allow SSI beneficiaries to use their own savings to address needed emergencies and unexpected expenses when they arise. SSI’s outdated asset limits make it difficult for SSI beneficiaries to achieve any measure of economic security or mobility.
Today’s cost of living is nearly 2.5 times higher than it was in 1989. The average current monthly benefit is $585 for individuals. For approximately 60% of recipients, SSI is the only source of income. SSI is crucial for its 7.6 million beneficiaries who are disabled or elderly and have little income and few assets; more than half of SSI beneficiaries have no other source of income, including millions of working-age individuals with disabilities, children with disabilities and older adults.
Thank you for your consideration of this very important bill.
