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Supplemental Security Income

All articles tagged with #supplemental security income

economy1 year ago

Social Security 2025: New Check Increase and Qualification Changes Ahead

Social Security recipients will see a 2.5% cost-of-living adjustment (COLA) in 2025, resulting in an average monthly increase of over $50 for retirees. Additionally, due to a calendar quirk, Supplemental Security Income recipients will receive an extra check in November, as December's payment will be delivered on November 29. This pattern will continue through March, with checks being delivered on the last weekday of the preceding month when the first falls on a weekend or holiday.

via NBC Chicago|
#benefits#cola#economy
finance2 years ago

Bank CEOs Rally Behind Supplemental Security Income Reform: "This Must Be Fixed," Says Jamie Dimon

Bank CEOs, including Jamie Dimon of JPMorgan Chase, expressed their support for reforming the Supplemental Security Income (SSI) program, which has not been updated by Congress in 40 years. The current asset limits of $2,000 for individuals and $3,000 per couple are considered outdated and regressive, trapping people in poverty. Other Wall Street executives, such as Charles Scharf of Wells Fargo and Jane Fraser of Citigroup, also voiced their support for the proposed changes. However, the reforms will require a vote from Congress to be implemented.

via CNBC|
#asset-limits#bank-ceos#finance
social-welfare2 years ago

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.

via CNBC|
#asset-limits#bipartisan-support#financial-security