SSI Savers Act Introduced

Rep. Tom Petri (R-WI) and Rep. Niki Tsongas (D-MA) introduced a bill to reform asset limit tests in the Supplemental Security Income (SSI) program. The SSI Savers Act of 2011 (H.R. 2103) would increase SSI asset limits for the first time since 1989, to make it easier for beneficiaries to work and save. The bill increases asset limits from $2,000 (individuals) and $3,000 (couples) to $5,000 and $7,500 respectively, and indexes those limits to inflation. For recipients younger than 65, the bill excludes retirement, education savings, and individual development accounts from counting against the limit. For beneficiaries 65 and older, it allows retirement accounts to reduce SSI benefits, instead of creating an immediate cut off. Raising the asset limit is a long time goal of The Arc.

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