These beneficiaries are first to receive a new cost-of-living adjustment for 2024. Here's what to watch for

SSI recipients should adjust to strict guidelines. Individuals have a $2,000 limit on resources they could personal corresponding to property, shares, bonds or financial institution accounts. For {couples}, the restrict is $3,000.

These thresholds haven’t modified since 1989.

When two profit checks are distributed in a single calendar month, it will probably put beneficiaries “dangerously shut” to the $2,000 asset restrict, particularly with customary funds of $943 per thirty days in 2024, in accordance to Kate Vengraitis, supervising legal professional on the well being and independence and SSI items at Community Legal Services of Philadelphia.

The agency supplies free civil authorized help to low-income Philadelphia residents.

Beneficiaries who nonetheless get paper checks are significantly in danger for this problem, she stated, which can lead to overpayment notices from the Social Security Administration and an automated 10% withholding from profit checks.

“There’s not usually a thorough investigation about why it occurs,” Vengraitis stated.

“It may be exhausting to navigate that, particularly with out authorized assist,” she stated.

A bipartisan group of lawmakers is pushing for a bill that might elevate the asset limits to $10,000 for people and $20,000 for married {couples}, up from $2,000 and $3,000, respectively.

Experts say the change would remove a marriage penalty SSI beneficiaries face, in addition to different issues.

“We have workers who don’t desire us to improve their wage as a result of if it goes over a certain quantity, they cannot get that profit which they’re entitled to,” JPMorgan Chase CEO Jamie Dimon said throughout a latest Senate Banking Committee listening to.

“This undoubtedly needs to be fastened,” Dimon stated.

Eligible SSI beneficiaries are at the moment allowed to hold $100,000 penalty-free in ABLE accounts, tax advantaged financial savings packages for individuals with disabilities.

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