SSI Savings Penalty Elimination Act

Hozzl · 2024-03-13T22:05:44Z

Explore the details of Senate Bill 2767 SSI Savings Penalty Elimination Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Social Welfare. Stay informed on legislative developments.

3/13/2024, 10:05 PM

Summary of Bill S 2767

Bill 118 s 2767, also known as the SSI Savings Penalty Elimination Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to eliminate the penalty that Supplemental Security Income (SSI) recipients face when they save money.

Currently, individuals who receive SSI benefits are limited in the amount of money they can save without facing a reduction in their benefits. This penalty discourages individuals from saving money for emergencies or future expenses, as they fear losing their much-needed benefits.

The SSI Savings Penalty Elimination Act aims to remove this penalty, allowing SSI recipients to save money without fear of losing their benefits. This would provide individuals with greater financial security and the ability to plan for their future without the risk of losing crucial support. Supporters of the bill argue that this change would help lift individuals out of poverty and promote financial independence. They believe that by allowing SSI recipients to save money, they will be better equipped to handle unexpected expenses and work towards achieving their financial goals. Opponents of the bill may argue that removing the savings penalty could lead to increased costs for the government, as more individuals may become eligible for SSI benefits if they are able to save money without penalty. However, proponents believe that the long-term benefits of empowering individuals to save outweigh any potential short-term costs. Overall, the SSI Savings Penalty Elimination Act seeks to provide greater financial security and independence for SSI recipients by removing the penalty for saving money. This legislation is currently under consideration in Congress and may have a significant impact on the lives of individuals who rely on SSI benefits for support.

Congressional Summary of S 2767

SSI Savings Penalty Elimination Act

This bill increases resource limits used to determine eligibility for the Supplemental Security Income (SSI) program. SSI is a federal assistance program that provides monthly cash payments to aged, blind, or disabled individuals with limited income and resources.

Specifically, the bill increases the resource limits from $2,000 to $10,000 for individuals and from $3,000 to $20,000 for married couples. The bill annually adjusts the limits for inflation.

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Current Status of Bill S 2767

Bill S 2767 is currently in the status of Bill Introduced since September 12, 2023. Bill S 2767 was introduced during Congress 118 and was introduced to the Senate on September 12, 2023. Bill S 2767's most recent activity was Read twice and referred to the Committee on Finance. as of September 12, 2023

Bipartisan Support of Bill S 2767

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2767

Primary Policy Focus

Social Welfare

Potential Impact Areas

Disability and paralysisDisability assistanceInflation and pricesPoverty and welfare assistance

Alternate Title(s) of Bill S 2767

SSI Savings Penalty Elimination ActSSI Savings Penalty Elimination ActA bill to amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility.

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