This article from The Century Foundation discusses the urgent need to update the Supplemental Security Income (SSI) program’s outdated $2,000 asset limit, which has not been adjusted for inflation in nearly forty years. SSI provides monthly income assistance to around 8 million people with disabilities and older adults, but the current asset limits prevent them from building modest savings, hindering their economic security. Bipartisan legislation, led by Senators Sherrod Brown and Bill Cassidy, aims to increase the limits to $10,000 for individuals and $20,000 for couples, indexing them to inflation. The outdated limits discourage saving, hinder dignity for disabled and older Americans, create barriers to employment, and pose significant administrative burdens for the Social Security Administration. The article emphasizes the broad support for updating the asset limits across political lines and highlights the potential positive impact on millions of SSI beneficiaries’ lives.

Read the article here.