It couldn’t happen, could it? A resource limit that has remained resolutely entrenched at $2000 for an individual and $3000 for a married couple since the 1980s might just get an increase. There is an awfully long way to go to see if that actually does come to pass but something in the government has stirred, and that is the introduction of the ‘SSI Savings Penalty Elimination Act’.
The Act, which has been proposed by a bi-partisan group of senators and will be backed by companion legislation in the house, outlines a policy of increasing the individual resource limit to $10,000 and the married couple limit to $20,000. The plan is for those resource limits to be increased thereafter in line with inflation.
Whie this is only a first step in what may well be a long road that could lead nowhere, it is positive that some of our representatives have seen fit to acknowledge that the current situation is laughably outdated and are willing to do something about it.
Here’s where you can read more about it: Chairman’s News | Newsroom | The United States Senate Committee on Finance