The Honorable Brian Fitzpatrick
271 Cannon House Office Building
Washington, D.C. 20515
The Honorable Danny Davis
2159 Rayburn House Office Building
Washington, D.C. 20515
Dear Representatives Fitzpatrick and Davis,
On behalf of the millions of members and supporters of the National Committee to Preserve Social Security and Medicare, I am writing to endorse your bill, the SSI Savings Penalty Elimination Act. This legislation would raise the level of assets Supplemental Security Income (SSI) recipients can save without jeopardizing their vital SSI benefits. This change is long overdue as SSI savings levels have not been updated in over 30 years. Members of the National Committee come from all walks of life and every political persuasion. What unites them is their passion for protecting and strengthening Social Security, Medicare, Medicaid, and the other programs that are so vitally important to older Americans.
SSI provides an extremely modest cash benefit for low-income individuals with disabilities and older adults who meet the program’s strict income and asset limitations. Unfortunately, the asset limits have not been updated in over three decades, leaving beneficiaries unable to save for emergencies. The current asset limit of $2,000 for individuals and $3,000 for couples is completely inadequate and does not increase to reflect inflation. Your bill would increase this threshold to $10,000 per individual and $20,000 per couple and index the limits for inflation thereafter. This both eliminates the marriage penalty in the current limit and gives these beneficiaries needed flexibility to use their own savings to address emergencies when they arise.
Thank you again for your long leadership in sponsoring this legislation. We look forward to working with you to enact the SSI Savings Penalty Elimination Act in the 119th Congress.
Sincerely,
Max Richtman
President and CEO