SSI Savings Penalty Elimination Act

This bill aims to modernize the eligibility requirements for the Supplemental Security Income (SSI) program by substantially increasing the allowable resource limits for beneficiaries. It proposes to raise the individual resource limit from $2,250 to $20,000 and the couple resource limit from $1,500 to $10,000 , both effective in calendar year 2025. These significant increases are intended to better reflect contemporary economic realities and reduce disincentives for saving among low-income individuals and couples. Furthermore, the legislation introduces a crucial mechanism for future adjustments by mandating that these new resource limits be annually increased based on the Consumer Price Index for all urban consumers. This inflation adjustment ensures that the resource limits maintain their purchasing power over time, preventing future erosion of eligibility due to economic changes.