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SSI asset amount limit is still set to 1989 levels. Asking the US Congress (and Senate) to change that.

Judee

Psalm 46:1-3
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Location
Great Lakes
So some of you know I was turned down for SSDI about 7 years ago. I can't apply again because now my credits have expired. I could possibly apply to SSI however the approval process can take months. In the meantime they won't allow applicants to have more than $2000 in savings.

For someone who is not able to work at all, that means only a month or at most two to live on while waiting to be approved. :(

The $2,000 resource limit for Supplemental Security Income (SSI) recipients has not been updated since 1989, failing to keep up with inflation. This outdated limit forces SSI recipients to essentially live in poverty and spend down any modest savings they may have, rather than allowing them to maintain a small financial cushion for emergencies or future needs. https://www.investopedia.com/ssi-resource-limit-inflation-7559696

There was a bipartisan effort to update the resource limit called the SSI Saving Penalty Elimination Act
(VIDEO) by raising it to $10,000 for individuals and indexing it to inflation going forward, which would provide SSI recipients with some ability to save while still qualifying for vital income assistance.

However, I don't think that passed and until such reforms are enacted, the severely outdated $2,000 cap remains a significant financial hardship for those relying on or even applying for SSI benefits.

So if you're in the US, I'm asking you if you would consider emailing your congressional representative and asking them to work to change this rule. https://www.house.gov/representatives/find-your-representative

Thank you.

Edit: Researching this more, I believe it was held up in a Senate Finance Committee, so maybe it would also be good to contact our Senators. It's an election year so maybe they would actually act on it if enough people contact them.
 
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Judee

Psalm 46:1-3
Messages
4,535
Location
Great Lakes
Last edited:

Zebra

Senior Member
Messages
892
Location
Northern California
The $2,000 resource limit for Supplemental Security Income (SSI) recipients has not been updated since 1989, failing to keep up with inflation. This outdated limit forces SSI recipients to essentially live in poverty and spend down any modest savings they may have, rather than allowing them to maintain a small financial cushion for emergencies or future needs.

This is an important topic for all US citizens, but especially those of us in need of government assistance.

NPR recently did an in-depth piece on the SSI rules and regulations you cited above.

I'm sharing a link to the piece which is an 8 minute audio recording (or a very long read of the transcript).

https://www.npr.org/2024/06/08/g-s1-3475/social-security-ssi-asset-limits
 
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