S. 1234: SSI Savings Penalty Elimination Act (119th Congress) Bill Summary

Overview

The "SSI Savings Penalty Elimination Act" proposes changes to the Supplemental Security Income (SSI) program, which provides financial assistance to individuals with disabilities or limited income. The bill aims to adjust the eligibility requirements regarding the amount of resources that recipients can have without losing their benefits.

Key Provisions

Increase in Resource Limits: - The current resource limit for individuals receiving SSI will increase from $2,250 to $20,000 starting in the calendar year 2025. - For couples, the limit will rise from $1,500 to $10,000 in the same year.
Annual Adjustments for Inflation: - After 2025, the resource limits will be adjusted annually based on the rate of inflation. This adjustment will be calculated using the average consumer price index for urban consumers from the previous year.

Implications

These changes are intended to allow individuals and couples who receive SSI to save more money without risking their benefits. By increasing the permissible resource limits, the legislation aims to provide greater financial security to individuals who are typically living on fixed incomes or facing economic hardship.