Lawmakers Push for Higher Asset Limits and Increased Savings Opportunities for Benefit Recipients

Lawmakers in Washington are pushing to update the Supplemental Security Income (SSI) program, which provides monthly income to elderly, blind, and disabled Americans, by raising the asset limits from $2,000 to $10,000 for individuals and from $3,000 to $20,000 for couples. The proposal, called the SSI Savings Penalty Elimination Act, aims to allow beneficiaries to save money for emergencies and encourages work, as the current limits prevent them from saving and punish those who want to do so. The program, which has not been updated in about 40 years, currently has eight million beneficiaries, with an average monthly benefit of $585 for individuals. The proposal has bipartisan support but its fate remains uncertain.