SSI Savings Penalty Elimination Act

This bill raises the amount of savings and other resources people can have and still qualify for Supplemental Security Income (SSI). It sets a higher limit starting in 2025 and then updates that limit every year to keep up with inflation using the Consumer Price Index. This aims to stop people on SSI from being penalized for modest savings and to reflect today’s costs of living.

Key points

• Who is affected: People applying for or receiving SSI benefits.
• What changes: The resource (savings/asset) limit is increased beginning in 2025 and will automatically rise each year with inflation, based on the CPI.
• When: New limits begin in calendar year 2025; annual inflation adjustments apply after that year.