New Senate bill would increase caps for SSI recipients - GO Banking Rates

On April 28th, Sen. Sherrod Brown and Sen. Rob Portman introduced the SSI Savings Penalty Elimination Act (S. 4102) into the Senate. The bill intends to amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility. Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes). The program helps aged, blind, and disabled individuals; who have little or no income. Currently, the monthly maximum Federal amounts for 2022 are $841 for an eligible individual and $1,261 for couples. Yael Bizouati-Kennedy reports how the new bill will raise caps on personal savings for SSI recipients. Read Ms. Bizouati-Kennedy’s article here…

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