Five Resources Struggling Seniors Should Seek Out When Social Security is Not Enough
For many retirees, most — if not all — of their income comes from Social Security. According to the Social Security Administration, 12 percent of men and 15 percent of women rely on benefits for 90 percent or more of their income. Considering the average Social Security recipient receives $1,657 per month, it’s understandable why so many seniors are struggling financially.
To help retirees make ends meet, CNBC suggests taking advantage of these resources:
- Supplemental Nutrition Assistance Program (SNAP) — Less than half of eligible seniors take advantage of this program, which provides up to $250 a month for food assistance. Grocery stores, online retailers and even farmers markets accept SNAP funds.
- Commodity Supplemental Food Program — This U.S. Department of Agriculture program provides certain low-income people over age 60 with monthly food packages containing fruits, vegetables, cheeses and more.
- Medicare Savings Program — Seniors spend a large portion of their income on healthcare. This program helps cover premiums, deductibles and co-pays for qualified individuals.
- Extra Help — If you’re enrolled in Medicare Part D, this program helps people with limited income and resources pay prescription drug program costs.
- You Gave, Now Save — The National Council on Aging has compiled this guide, which includes information on programs to help seniors save on expenses such as their phone bill or property taxes.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $65 a month, a fair annual COLA, increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
