Finding Financial Assistance as a Senior
By Lucy Wyndham
Photo by Lotte Meijer on Unsplash
Ask any senior about their main concerns for the future, and many will answer that financial stability is at the forefront of the list. Currently, over 66 million individuals receive social security benefits in order to lower their monthly expenses. Surviving on savings and social security isn’t easy though, especially when you take into consideration elements such as mounting medical expenses, rising care costs, and inflation.
If you’re among the many American seniors who struggle financially, know that you’re not alone. As the baby boomer generation continues to retire, more and more adults are finding it difficult to maintain a comfortable lifestyle. Luckily, though, there are assistance programs aimed at helping seniors to afford an independent or semi-independent lifestyle.
Supplemental Security Income
For many seniors, social security but it doesn’t always pay the bills. This year the average worker received just under $1400 in social security benefits, and for many, that’s barely enough to cover rent. Over 60 percent of beneficiaries rely on this income for at least half of their expenses, including food, housing, transportation, and more.
Supplemental Security Income or SSI, is a benefit reserved for seniors over the age of 65 who are struggling to make ends meet. Individuals who are blind or who have a limited income can also apply for aid. As of 2017, the monthly maximum amount for a single individual is $750, while couples can receive up to $1,125 per month.
Housing is a significant expense for many seniors, whether they live independently or in a nursing community. The cost of a room can vary greatly between different regions, and it’s important to consider this fact before settling on an area in which to retire.
Medicaid programs in certain states can help to pay for anything from dental care to nursing home services and assisted living situations. Currently, over forty states offer financial assistance for seniors in an assisted living situation. Some regions also include aid for those in residential care, adult foster care, and nursing communities. While some states cover the cost of medical care, others only include the costs of personal care services. The majority of this funding is provided through state Medicaid programs.
Finances are a concern for many within the senior community, particularly those that live on the funds from social security checks. Luckily, there are avenues that low-income adults can take to ensure that they’re able to live out a comfortable retirement.