Get Support For The SSI Savings Penalty Elimination Act

Household goods (furniture, etc.), no limit on value. Personal effects (jewelry, art work, etc.), no limit on value as long as the SSI claimant is actually using the items. Up to $100,000 in an ABLE account. Assets in a special needs trust, no limit on amount. What Assets Are Not Counted When ... - The Weeks Law Firm The Weeks Law Firm https://weekslawfirm.com › what-assets-are-not-counte... The Weeks Law Firm https://weekslawfirm.com › what-assets-are-not-counte...

To be eligible for SSI, you must also have little or no income and few resources. The value of the things you own must be less than $2,000 if you're single or less than $3,000 for married couples living together. Supplemental Security Income (SSI) in California 2024 - SSA ssa.gov https://.ssa.gov › pubs ssa.gov https://.ssa.gov › pubs

The SSI Savings Penalty Elimination Act would increase the asset limit to $10,000 for an individual and $20,000 for a married couple. The current limits have not been updated for inflation and have been stuck at $2,000 (single) and $3,000 (married) since 1984.

For SSI, we do not count: the home you live in and the land it is on; one vehicle, regardless of value, if you or a member of your household use it for transportation; household goods and personal effects (e.g., your wedding and engagement rings); life insurance policies with a combined face value of $1,500 or less;

Generally, things that don't count toward your income limit include: State SSI supplement payments. Supplemental Nutrition Assistance Program (SNAP) benefits (food stamps) Section 8 housing vouchers. Exceptions to SSI income and resource limits - SSA Social Security Administration (.gov) https://.ssa.gov › ssi › limits-exceptions Social Security Administration (.gov) https://.ssa.gov › ssi › limits-exceptions

The SSI Savings Penalty Elimination Act raises these caps to $10,000 for individuals and $20,000 for married couples. The bill will also index the limits to inflation moving forward, hopefully avoiding issues like this in the future.

This bill restores a program that plays a key role in the security of millions of Americans. Specifically, it modernizes and improves SSI by streamlining and simplifying the claiming process, expanding the resources and income limits, and eliminating punitive reductions in benefits.

36 months To reduce the potential of abuse, SSA will review all asset transfers you complete within the 36 months prior to applying for SSI. When officials detect an improper transfer for less than fair market value, the penalty is calculated ing to a formula: The total value of the assets that were transferred. Divided by. Is There A “Lookback” Period For Transfers Under SSI Rules? steinhardtlawfirm.com https://.steinhardtlawfirm.com › is-there-a-lookback... steinhardtlawfirm.com https://.steinhardtlawfirm.com › is-there-a-lookback...