SSI Savings Penalty Elimination

Full Title:
SSI Savings Penalty Elimination Act

Summary#

This bill, the SSI Savings Penalty Elimination Act, changes the asset (resource) limits used to decide eligibility for Supplemental Security Income (SSI). It amends title XVI of the Social Security Act. Section 1611(a)(3) is changed so the dollar amounts in subparagraph (A) are replaced with "$20,000 in calendar year 2025" and the dollar amounts in subparagraph (B) are replaced with "$10,000 in calendar year 2025." The bill also adds a new subsection (1617(d)) that requires the amounts set in 2025 to be increased each year after 2025 using a Consumer Price Index (CPI) formula based on a 12-month average ending in September. The CPI multiplier is not less than 1.

What it means for you#

  • The rule that limits how much in savings or resources a person can have and still be eligible for SSI will be higher in 2025: the bill sets two dollar amounts for 2025 (as described above).
  • Those dollar amounts will be automatically increased each year after 2025 using the CPI-based formula in the bill.
  • No publicly available information on how many people will be affected or on changes to monthly SSI benefit amounts is included in the bill text or metadata.

Expenses#

No publicly available information on estimated costs, budgetary effects, or appropriations is included in the bill text or metadata.

Proponents' View#

No publicly available information.

Opponents' View#

No publicly available information.