WASHINGTON - In a U.S. Senate rarity, Republicans and Democrats appear to be working on legislation to increase the amount of money the disabled and elderly could save and still be able to collect a monthly check from the federal Supplemental Security Income Program (SSIP).
Sen. Bill Cassidy (R-La.) and Sen. Sherrod Brown (D-Ohio) have sponsored the SSI Savings Penalty Elimination Act that would raise the savings cap of $2,000, set in 1984, to $10,000 for individuals and $20,000 for married couples.
"People should not have to choose between a better job and losing their safety net because of outdated rules,” said Cassidy. “This is an easy fix that encourages work, allows people to save, and lifts people out of poverty.”
SSI was created in the 1970s to provide additional income for disabled and elderly Americans. About 8M take advantage of the program, which currently pays individuals $585 and up to $794 per month.
Back in 1984, $2,000 could buy a used car and a month’s rent.
For about 60% of people in the program, SSI is the only source of income. But for the disabled and people over 65 that are still working, exceeding the savings limits at the end of the month negates the SSI benefit.
The bipartisan group of sponsors should help Cassidy and Brown lobby the legislation among Senate colleagues. Over in the House, reps are filing a similarly worded bill for the lower chamber to consider. (The AP 09/13/23)
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