A bipartisan group of legislators recently introduced the SSI Savings Penalty Elimination Act in Congress. If passed, the act would increase the asset limit for SSI beneficiaries to $10,000 per person and $20,000 per married couple. These asset limits would also be indexed to keep up with inflation.
Under current law, the asset limits for SSI are $2,000 per person and $3,000 per married couple. These limits have not been updated since the 1980s. Under the current limits, as many as half of current SSI beneficiaries are living at or below the poverty line. The current levels also include a significant penalty for married couples.
The new act would eliminate this penalty and increase asset limits for all SSI beneficiaries. This increase would allow SSI beneficiaries to save and earn more money for themselves.
Over 370 organizations have announced support for the bill. The advocacy group The Arc has created a form to allow people to contact their members of Congress to support this bill at the following link: Tell Congress: Support the SSI Savings Penalty Elimination Act NOW!
Please contact your representatives in Congress to help pass the SSI Savings Penalty Elimination Act to help improve the lives people receiving SSI benefits.
For assistance with estate planning, wills and trusts, special needs planning, and related areas, please call Mitchell, Brown and Associates at (314) 962-0186.
