The events have demonstrated that the US Congress has been pressing for an increase in Social Security. The asset cap has been gradually increased by the Congress from $2000 to $10000. The benefits of Supplemental Security Income will be able to rise as a result of this increase in the asset limit.
All people with disabilities who have been living with little or no income are eligible for SSI payments. Disability assistance payments will be given to the people in exchange for their labour, and it is anticipated that Congress will adopt a new law by May 2024 that will raise payments for Social Security and Medicare. Disabled citizens will also get these payments.
| Organization | Social Security Administration |
| Benefit Name | Supplemental Security Income |
| Country | USA |
| Eligibility | Having no income and resources |
| Asset Cap | $10000 for individuals and $20000 for married couples |
| Increase In SSI | $8000 |
| Benefit Date | Monthly |
| Website | ssa.gov |
$8000 SSI Bill 2024
The United States Congress is about to approve a new bill that would dramatically increase monthly SSI payouts.
The SSI payment will be given on a monthly basis to people with no source of income. The asset cap was $2000 last year; it is now $10000, increasing the SSI benefits by $8000.
After 34 years, the law to boost benefits will be passed; this will mark a fresh change as benefits have not changed in that time.
The greatest quantity of resources that persons may possess while still being eligible for SSI benefits is known as the asset limit.
What Is the Increase In SSI Asset Cap?
The Savings Penalty Elimination Act has mandated an increase in the citizens’ asset cap. The asset ceiling will rise to $20000 for married couples and $10000 for single filers. This measure will control inflation, which will eventually rise on its own.
The asset limit is determined, and with the support of a $8000 rise in SSI, Congress has been pushing for higher VA, SSI, and SSDI benefits.
What Is the Outcome Of Savings Penalty Elimination Act?
The act suggests raising the asset limitations in order to assist those receiving SSI benefits. The people may see significant savings as a result of the asset limitations hike, which increased from $3000 for married couples to $10000 for individuals.
The annual adjustments to the restrictions will now be made to account for inflation and growing expenses, allowing people to save more and maintain their SSI benefits.
The recipients’ ability to receive benefits will not be impacted by their retirement savings, and their payments will continue to be paid.