Bipartisan legislation recently introduced in the U.S. Senate would reform the Supplemental Security Income (SSI) program for the first time in 40 years.
The SSI Savings Penalty Elimination Act would raise the SSI asset limits to $10,000 for individuals and $20,000 for married couples. The limits would be indexed to inflation moving forward.
Under current limits, individuals with a disability or those 65 and older are only eligible for SSI if they have under $2,000 in assets. The limit is $3,000 for married couples.
The current asset and income limits make it more difficult for people with disabilities to work a part-time job or save money for an emergency, according to a JPMorganChase study.
Senate Finance Committee Ranking Member Ron Wyden (D-OR) and U.S. Sens. Catherine Cortez Masto, (D-NV) and Bill Cassidy (R-LA) introduced the bill.
“Every year, SSI’s outdated rules prevent Americans from being able to work, save, or marry the one they love,” Wyden said. “This bipartisan bill gives Americans who are trying to make ends meet the chance to live independently without fear of being forced to forfeit an economic lifeline.”
The bill was referred to the Committee on Finance and has the support of more than 200 organizations, businesses, and faith-based groups.