A New Bill For SSA, SSI, SSDI, Social Security Benefits Update 2022

A New Bill For SSA, SSI, SSDI, Social Security Benefits Update 2022
A bill to change Supplemental Security Income benefits for elderly, blind and disabled Americans is a first step in updating a program that has not been altered in decades, Ohio Democratic Sen. Sherrod Brown said. Brown introduced the bill, the SSI Savings Penalty Elimination Act, on Thursday with Ohio Republican Sen. Rob Portman. The proposal would raise asset limits that prevent approximately 8 million Americans who receive these federal benefits from having meaningful savings set aside. Currently, the program has a $2,000 cap for individuals and $3,000 for couples. The legislation seeks to raise those limits, which have not been updated since 1989, to $10,000 and $20,000, respectively. Moreover, the bill also would index those caps to inflation, so they would be adjusted annually, much like Social Security benefits, and based on Consumer Price Index data. Updating the program’s asset limits would “expand economic opportunity and mobility for people with disabilities,” a J.P. Morgan Chase & Co. Policy Center report found. Many SSI beneficiaries are eager to see changes to the program, which has not been altered in decades. That includes increasing benefits, which are below or close to the federal poverty level. The average monthly benefit for all recipients is currently $625.50. They also want to see changes to rules that discourage beneficiaries from working by cutting their benefits.

READ ALSO:  HUGE NEWS! $3,200 Bonus Stimulus Payments Are Coming? | Plus Up Payment, Child Tax Credit & More...

Sign Up For TADA:

Sign Up For PINCHme:

Sign Up For INBOXDollars:

Sign Up For SWAGBucks:

Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

Check Also

PANDEMIC EBT: $900 PER MONTH, "MORE HELP" JAN EMERGENCY ALLOTMENT, WIC, PEBT 2022

PANDEMIC EBT: $900 PER MONTH, “MORE HELP” JAN EMERGENCY ALLOTMENT, WIC, PEBT 2022

PANDEMIC EBT: $900 PER MONTH, "MORE HELP" JAN EMERGENCY ALLOTMENT, WIC, PEBT 2022

Leave a Reply

Your email address will not be published. Required fields are marked *