SSI Savings Penalty Elimination Act

The SSI Savings Penalty Elimination Act raises the asset limits for Supplemental Security Income (SSI) eligibility, allowing more savings without reducing benefits. It increases the individual resource limit from $2,250 to $20,000 (and couples from $1,500 to $10,000) in 2023, with future increases tied to inflation. The bill automatically adjusts these limits annually using the Consumer Price Index to maintain purchasing power. This directly affects low-income elderly, disabled, and blind individuals who rely on SSI by reducing the financial penalty for saving modest amounts.