Husted backs bill to modernize supplemental security income program

“The SSI asset limits haven’t been updated in nearly 40 years, and they no longer reflect economic reality.” WASHINGTON – Sen. Jon Husted (R-Ohio) joined Sens. Catherine Cortez Masto (D-Nev.), Bill Cassidy (R-La.) and Senate Finance Committee Ranking Member Ron Wyden’s (D-Ore.) Supplemental Security Income (SSI) Savings Penalty Elimination Act. The legislation would modernize the asset limits in the SSI program, which has not been updated since 1989. Current law penalizes many low-income seniors and people with disabilities for saving responsibly for emergencies or their futures. “There is no reason outdated laws should prevent hardworking Americans from working, saving for the future or getting married. The SSI asset limits haven’t been updated in nearly 40 years, and they no longer reflect economic reality. This bipartisan bill would modernize those limits, giving more Americans with disabilities and seniors the freedom to save for emergencies and build a more secure future without jeopardizing the benefits they rely on,” said Husted. Under current law, individuals with disabilities and adults age 65 and older are only eligible for SSI if they have less than $2,000 in assets. Married couples are limited to $3,000 in combined financial resources to remain eligible. The SSI Savings Penalty Elimination Act would update those asset limits for the first time since the 1980s, allowing millions of older Americans and those with disabilities to work, save, marry and build financial security without risking their benefits. TheSSI Savings Penalty Elimination Actwould raise the SSI asset limits to $10,000 for individuals and $20,000 for married couples, and index them to inflation moving forward. The last update to SSI asset limits was passed by Congress in 1984 and went into effect in 1989. “A $2,000 rainy-day fund doesn’t go as far as it did in 1989, but that’s all the savings that people who rely on SSI benefits are allowed. We shouldn’t punish people who are working hard, saving their money, and planning for the future. Congress must raise the SSI asset limit to help our seniors and Americans with disabilities,” said Cortez Masto. “Outdated rules are making disabled Americans pick between a better job and losing their safety net. That’s wrong. Instead, let’s encourage work, help people save, and lift them out of poverty,” said Cassidy. “Every year, SSI’s outdated rules prevent Americans from being able to work, save, or marry the one they love. This bipartisan bill gives Americans who are trying to make ends meet the chance to live independently without fear of being forced to forfeit an economic lifeline. As the Ranking Member of the Finance Committee, I am committed to making sure SSI is no longer stuck in yesteryear so every American can live with dignity and respect,” said Wyden. Reps. Danny K. Davis (D-Ill.) and Brian Fitzpatrick (R-Penn.) introduced the companion legislation for the SSI Savings Penalty Elimination Act in the House of Representatives. AARP, the Autism Society of America, the Aspen Institute Financial Security Program, the Jewish Federations of North America, Microsoft, the National Council on Aging, the National Council on Independent Living, the National Down Syndrome Congress, Justice in Aging, the Arc of the United States, Bipartisan Policy Center (BPC) Action, the National Association of Evangelicals, the United States Conference of Catholic Bishops and the U.S. Chamber of Commerce are all supporting the SSI Savings Penalty Elimination Act. Full text of the bill is available here .