Supplemental Security Income (SSI) is a federal assistance program that provides financial help to low-income disabled individuals and those older than 65. SSI was created after President Richard Nixon signed the Social Security Amendments of 1972 and officially went into effect in 1974. The amount an individual receives depends on their level of income and the resources they have available, such as money in their bank accounts.
Although SSI does help many people who are disabled or elderly, it puts a stranglehold on their economic and professional advancement. Individuals who receive SSI are not allowed to have more than $2,000 in assets at any given time. If two people who receive SSI get married, instead of them each being allowed to have $2,000 in assets, they as a couple are only allowed to have $3,000 combined. This puts a strain on many people’s livelihoods, and makes it more difficult for people wanting to transition out of SSI, save money, or get married.
When SSI was first passed in 1974, the original asset limits were $1,500 for individuals and $2,000 for couples. They increased to the current limits in 1989 and have not changed since. Thanks to inflation, everything from housing to food has gotten more expensive in the past 35 years, and so these limits make it difficult for people like me to save money and live independently. [continue reading…]