What the Boosting Benefits for Seniors Act Actually Changed

The Boosting Benefits for Seniors Act, passed in 2024, made one specific change to how Social Security and Supplemental Security Income (SSI) work: it raised the limit on how much money you can earn or own without losing benefits. For the first time in decades, these limits moved up instead of staying frozen.

Before this law, if you received SSI and earned more than $65 per month, your benefits dropped by 50 cents for every dollar you earned above that threshold. The resource limit—how much money or property you could own—was capped at $2,000 for an individual. Those numbers had not changed since 1989. The new law raised the resource limit to $10,000 for individuals and $15,000 for couples, effective January 1, 2025.

This matters if you work part-time, receive a pension, have savings, or are thinking about working. The higher limits mean you can keep more of what you earn or own without the government reducing your monthly check.

Key Takeaways

  • SSI resource limits increased from $2,000 to $10,000 for individuals and from $3,000 to $15,000 for couples starting January 1, 2025.
  • The earnings exclusion for SSI remained at $65 per month, but the resource limit change lets you save more without losing benefits.
  • Social Security retirement benefits have no resource limit, so this change does not directly affect most seniors on regular Social Security.
  • If you receive SSI and work, you should report your income to Social Security to make sure your benefits are calculated correctly under the new rules.

Who This Law Affects

This law primarily affects people who receive Supplemental Security Income (SSI), which is a needs-based program for seniors, blind individuals, and people with disabilities who have low income and few resources. If you receive regular Social Security retirement benefits, this law does not change your benefits—Social Security has no resource limit at all.

The resource limit increase matters most if you are building savings, received an inheritance, sold a home, or are working and trying to save money without losing your SSI check. Before 2025, hitting the $2,000 limit meant you had to spend down your savings or lose benefits entirely. Now you can hold up to $10,000 before that happens.

If you are married and both spouses receive SSI, the new $15,000 limit applies to your combined resources. Couples where only one spouse receives SSI should check with Social Security about how the limit applies to their situation, since the rules are more complex.

What Counts as a Resource Under the New Limits

Social Security counts most things you own as a resource: savings accounts, checking accounts, stocks, bonds, and cash on hand. A car is usually not counted if you use it for transportation. Your home is not counted if you live in it. Personal items like furniture and clothing do not count.

Some things are excluded even if you own them: your primary residence, one vehicle, household goods, life insurance with a face value under $1,500, and certain retirement accounts depending on how you use them. If you receive money from a lawsuit settlement or back pay from a job, Social Security may count it as a resource unless it is set aside in a special account called an ABLE account or a special needs trust.

The safest approach is to contact Social Security directly before you receive money or make a large purchase. They can tell you whether a specific item or account will count toward your limit. You can reach Social Security at 1-800-772-1213 or visit your local office.

How the Earnings Exclusion Still Works

The Boosting Benefits for Seniors Act did not change the earnings exclusion for SSI. If you work, Social Security still excludes the first $65 per month you earn, then reduces your SSI benefit by 50 cents for every dollar you earn above that. This means if you earn $200 per month, $65 is excluded, leaving $135 in countable earnings, which reduces your SSI by about $67.50.

The resource limit increase is separate from the earnings rule. You can now save more money without losing benefits, but your monthly earnings will still affect your check the same way they did before. If you are working and receiving SSI, report your income to Social Security each month so they calculate your benefit correctly.

Some work incentives exist outside this law—like the Plan to Achieve Self-Support (PASS) program, which lets you set aside income and resources for a specific work goal without counting them toward your limit. If you are working toward a job or business, ask Social Security whether PASS might help you.

How to Report the Change to Social Security

You do not need to do anything when ready. Social Security knows about the law change and should explore the new limits automatically when they review your case. However, if you have been denied SSI in the past because you exceeded the old $2,000 resource limit, you may want to contact Social Security to ask whether you can reapply.

If you are currently receiving SSI and your resources are between $2,000 and $10,000, your benefits should continue without interruption. Social Security will use the new limit the next time they review your case, which happens at least once per year.

If you receive a notice from Social Security asking about your resources, answer it honestly and include documentation like bank statements. If you disagree with how they counted something, you can request a reconsideration or appeal. You have 60 days from the date on the notice to file an appeal.

What This Law Does Not Change

The resource limit increase does not affect regular Social Security retirement benefits. If you are 62 or older and receiving Social Security, you can own any amount of money or property without losing your benefit. Social Security only cares about your age and work history for retirement benefits, not how much you have saved.

The law also does not change the earnings test for people under full retirement age who are still working. If you claim Social Security before your full retirement age and earn more than the annual limit ($23,400 in 2024, though this changes yearly), Social Security will reduce your benefit by $1 for every $2 you earn above that threshold. This is separate from SSI and applies only to people who claimed early.

Medicare, Medicaid, and housing information programs have their own resource limits, which may or may not have changed. If you receive any of these programs, contact them directly to ask whether the new SSI resource limit affects your case.

Planning Your Savings With the New Limit

If you receive SSI and want to save money, the $10,000 limit gives you more room than before. You can now keep a modest emergency fund without losing benefits. However, $10,000 is still a relatively small cushion, and it does not grow—if you earn interest on savings, that interest counts as income and may reduce your benefit.

If you expect to receive a large sum of money—from an inheritance, a lawsuit settlement, or selling property—talk to Social Security before you deposit it. They can explain your options, which may include putting the money in a special account or trust that does not count as a resource. Acting before you receive the money is easier than trying to fix it afterward.

Some people use ABLE accounts (tax-advantaged savings accounts for people with disabilities) or special needs trusts to hold money without it counting against SSI limits. These require planning and legal setup, but they let you save more than $10,000 if you may have access to. A Social Security representative or a disability advocate can explain whether either option makes sense for your situation.

Frequently Asked Questions

Does this law affect my regular Social Security retirement check?

No. Regular Social Security retirement benefits have no resource limit at all. This law only changed the resource limit for SSI, which is a separate, needs-based program. If you receive Social Security because you are retired or disabled, your benefits are not affected by how much money you own.

What happens if my resources are already over $10,000?

If you currently receive SSI and your resources exceed $10,000, Social Security will likely stop your benefits until your resources fall back below the limit. Contact Social Security to discuss your situation—they may be able to help you understand your options, including whether a special account or trust could help you keep the money without losing benefits.

Can I give away money to stay under the resource limit?

Giving away money to avoid the resource limit can trigger a penalty. Social Security has rules about "transfers for less than fair market value," and if you give away money within 36 months before explore for SSI (or while receiving it), they may reduce your benefits for a period of time. It is better to ask Social Security about legal options like trusts or ABLE accounts.

Will the resource limit increase again in the future?

The law raised the limit to $10,000 for individuals and $15,000 for couples, but it does not automatically adjust for inflation. Congress would need to pass another law to raise it further. The previous limits stayed frozen for 36 years, so there is no may provide when or if another increase will happen.

How do I report my resources to Social Security?

You can report your resources by phone at 1-800-772-1213, in person at your local Social Security office, or online through your my Social Security account at ssa.gov. When you report, have bank statements and other documentation ready. Social Security will ask about savings, checking accounts, stocks, and other assets you own.