RILEY BACKS BIPARTISAN BILL TO LET SENIORS AND PEOPLE WITH DISABILITIES WORK AND SAVE WITHOUT LOSING THEIR BENEFITS

Reforms decades-old SSI rule that caps savings at $2,000 - forcing many to choose between an emergency fund and the benefits they rely on
WASHINGTON, D.C. - Rep. Josh Riley (NY-19) signed on as a cosponsor of the SSI Savings Penalty Elimination Act, bipartisan legislation to overhaul Supplemental Security Income (SSI) rules that penalize seniors and people with disabilities for saving money or taking a job.

"No one should be punished for working hard and saving up. But outdated rules make it nearly impossible for seniors and folks with disabilities to get a job, build a cushion, and become more independent without losing their safety net. That's completely backwards," said Rep. Riley. "I'm proud to support this bipartisan legislation to finally bring SSI out of the 1980s and give every American the opportunity to live with dignity and stability."

Under current rules, a senior or person living with a disability can qualify for SSI only if they have less than $2,000 in savings, or $3,000 for a married couple. Because the limits are so low, they punish the very people SSI is meant to help. Recipients risk losing benefits if they take a better-paying job, build up a modest cushion, receive unexpected income or even get married - a couple is allowed to save 25% less than two single recipients would be. The result traps millions in poverty.

The SSI Savings Penalty Elimination Act would raise those limits for the first time since 1989, when median U.S. rent was only $500/month. The adjusted savings cap, $10,000 for an individual and $20,000 for a married couple, encourages recipients to work and save, and ends the marriage penalty by setting the couple's limit at twice the individual amount. The bill ties limits to inflation so they keep pace with rising costs going forward.

"I've worked hard to live independently, and I followed every rule SSI has. But when a savings bond I didn't even know I had finally matured, it pushed me over the limit - and just like that, I lost the benefits I rely on," said Heather, an SSI recipient in Oneonta. "No one living with a disability should have to choose between keeping a little saved up and keeping the support they need, and I'm grateful Rep. Riley is fighting to fix it."

Introduced by Reps. Brian Fitzpatrick (R-PA) and Danny K. Davis (D-IL), the SSI Savings Penalty Elimination Act is backed by more than 200 businesses, faith-based groups, and organizations from across the political spectrum, including AARP, The Autism Society of America, The Aspen Institute Financial Security Program, The Jewish Federations of North America, Microsoft, The National Council on Aging, The National Council on Independent Living, the National Down Syndrome Congress, and the U.S. Chamber of Commerce.

You can read the text of the SSI Savings Penalty Elimination Act HERE.

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