By Kathleen Romig: Complete Post through this link…
A newly reintroduced bill would provide relief for low-income older and disabled beneficiaries of Supplemental Security Income (SSI), who face the strictest savings limits of any federal program. At no more than $2,000 for individuals (and $3,000 for couples, essentially a marriage penalty), those asset limits aren’t enough to weather an emergency, let alone provide stability or save for the future.
The bipartisan bill, from Sens. Sherrod Brown and Bill Cassidy and Reps. Brian Higgins and Brian Fitzpatrick, would raise the limits to $10,000 for individuals and $20,000 for couples, improving beneficiaries’ well-being. The bill would also improve program administration, reducing churn and strain on an underfunded Social Security Administration (SSA).
Because the current limits aren’t indexed to inflation and have been updated only once in over 50 years, their value erodes each year. They now stand at only one-fifth of their 1972 value. (See infographic.)
