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Proposed Changes to SSI Asset Test

On March 24, 2010 the SSI Savers Act of 2010 (H.R. 4937) was introduced to reform the asset test in the Supplemental Security Income (SSI) program.  SSI provides monthly cash payments to people with disabilities, among others.  Currently, to be eligible for SSI, the applicant must have assets of $2,000 or less ($3,000 or less for a couple).  SSI counts all resources available to the applicant, including retirement accounts, such as 401(k)s and IRAs.   H.R. 4937 is intended to provide savings incentives in SSI in a number of ways, among them, by raising the asset limit to $5,000 for an individual and $7,500 for a couple and excluding retirement savings for non-institutionalized individuals under age 65.

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