John,

No one should be condemned to poverty—but for the 7.5 million low-income earning seniors and people with disabilities who receive SSI (Supplemental Security Income), that is exactly what is happening.¹

Supplemental Security Income provides a basic standard of living for very low-income seniors and people with disabilities—and together with Social Security, these programs lift more people above the poverty line than any other programs. Congress established the SSI program in 1972 as a means tested program with the strictest savings limit of any federal program. Beneficiaries are only allowed $2,000 in assets for individuals and $3,000 in assets for couples. A maximum benefit is only $914 per month.

This means that SSI recipients can’t have much of anything in retirement accounts, whole life insurance policies, investments, and certain types of personal property to be eligible for the benefit, which keeps them in a life of poverty. It also means that the beneficiary’s entire family is subject to asset limits, forcing them to make impossible decisions to keep what little financial security they have.

In September, the bipartisan SSI Savings Penalty Elimination Act was introduced in the Senate, which would increase the asset limit from $2,000 to $10,000 for an individual and $3,000 to $20,000 for a couple, and it would exclude retirement savings from the countable assets. This is a critical first step towards lifting SSI beneficiaries out of poverty. Send a direct message to Congress urging them to pass the SSI Savings Penalty Elimination Act now.

When the SSI program was created in 1972, the asset limits were $1,500 in savings for individuals and $2,250 for couples. The limits were gradually increased between 1985 and 1989 to what it is today. If the asset limits had been indexed to inflation beginning in 1972, it would be $9,929 for an individual and $14,893 for a couple in 2023.²

The limits on assets for SSI beneficiaries are unfair to individuals and families alike. They often prevent family members from seeking promotions, accepting new jobs, or saving money for fear that their loved one will lose their benefits.

The workforce is also impacted by these draconian asset limits. It keeps qualified workers out of the job market for fear of losing access to benefits, including health care.

Join us in calling on Congress to pass the bipartisan SSI Savings Penalty Elimination Act this year.

Needing financial assistance due to a disability should not condemn people and families to a life of poverty.

Thank you for all you do,

Deborah Weinstein
Executive Director, Coalition on Human Needs

¹ SSI Monthly Statistics, September 2023
² The Case for Updating SSI Asset Limits