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SSI Savings Penalty Elimination: Higher Asset Limits and Inflation Adjustment

This bill significantly raises the amount of savings and assets that elderly, blind, or disabled individuals can hold while remaining eligible for Supplemental Security Income (SSI) benefits. The change allows beneficiaries to save more money without facing the penalty of losing essential financial aid. Furthermore, the new limits will be automatically adjusted for inflation annually.
Key points
The asset limit for SSI eligibility increases to $20,000 for individuals and $10,000 for couples, effective in 2023.
After 2023, these new resource limits will be automatically adjusted annually based on the Consumer Price Index (CPI-U) to maintain their real value.
Citizens receiving SSI can now build larger financial reserves for emergencies without jeopardizing their access to critical social benefits.
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Additional Information
Print number: 118_HR_5408
Sponsor: Rep. Higgins, Brian [D-NY-26]
Process start date: 2023-09-12
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SSI Savings Penalty Elimination Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5408.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-09-12.

What are the main provisions?

Key points include:

  • The asset limit for SSI eligibility increases to $20,000 for individuals and $10,000 for couples, effective in 2023.
  • After 2023, these new resource limits will be automatically adjusted annually based on the Consumer Price Index (CPI-U) to maintain their real value.
  • Citizens receiving SSI can now build larger financial reserves for emergencies without jeopardizing their access to critical social benefits.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Higgins, Brian [D-NY-26].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Work and Welfare.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Benefits