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Numerous restrictions have been placed on who is eligible for the benefit, which is considered a welfare benefit.However, unlike social security benefits (Title II), earned work credits are not a requirement for SSI.The Nixon Administration thought these programs should be federalized and run by the Social Security Administration.
The report will be for the fiscal Quarter ending Oct 2017.
The legislation creating the program was a result of President Richard Nixon's effort to reform the nation's welfare programs.
At that time, each state had similar programs under the Aid to the Blind, Aid to the Permanently and Totally Disabled, and Aid to the Elderly.
There will soon be one exception to the general asset limit.
On December 19, 2014, the ABLE Act of 2014 (standing for Achieving a Better Life Experience Act) was signed into law, creating a new tax-advantaged account under the newly added Section 529A of the Internal Revenue Code.This amount is ,000 for an individual and ,000 for an individual and their spouse (whether the spouse is eligible for SSI or not), ,000 for a child applicant with one parent living in the household, and ,000 for a child applicant with two parents living in the household.