The SSI Asset Limit Reform Coalition
The Supplemental Security Income (SSI) Asset Limit Reform Coalition was established by CFED and the following national and state disability organizations:
World Institute on Disability (WID) The National Council on Independent Living (NCIL) The National Disability Institute (NDI) The Center for Financial Independence & Innovation (CFII) Maryland Coalition for Inclusive Education (MCIE) We support legislation that would reform the asset test of the Supplemental Security Income (SSI) program. The current limit is $2,000 ($3,000 for couples) and has never been indexed for inflation, discouraging millions of SSI recipients working, opening bank accounts and/or building a nest egg and thus limiting their financial security.
Asset limit tests should be reformed to encourage recipients to work, build savings that help sustain a higher quality of life and save for emergencies and to pursue post‐secondary education, homeownership and retirement. Congress should reform the asset test in the SSI program:
- Raise the asset limit and index it for inflation;
- For individuals under 65, exclude $50,000 in retirement savings ($75,000 for a couple) from inclusion in the asset test and exclude Education Savings Accounts and Individual Development Accounts;
- For individuals age 65 or older, exclude up to $10,000 in retirement savings ($15,000 for a couple) and disregard one-third of the funds drawn down from retirement accounts when calculating household income;
- Remove the requirement that SSI recipients, if eligible, must apply for periodic payments from their retirement savings;
For more information, please contact Inemesit Imoh, Federal Policy Associate, at iimoh@cfed.org or 202-207-0135.Join/Sign Up
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