If you are a senior citizen, you can qualify for several programs to cover your everyday costs. Living and health care expenses can hit your wallet harder than you prepared for, so taking advantage of senior discounts and more can make your golden years more budget-friendly. Not sure which programs are available to you? Find out how you can get assistance from the government, private lenders, and more. Start saving money today with these tips for seniors with a fixed income.
The U.S. federal government is one of your biggest resources when it comes to getting financial assistance. Several cash benefit programs are just for seniors, so you can get help paying for living and medical costs. Here are some programs just for you:
Social Security Retirement Income is a program you have paid into through your past earnings. Once you are 62 years old, you may begin collecting your Social Security benefits.
If you are still working, you may want to wait to request payments since you will receive more monthly by waiting until your full retirement age.
Supplemental Security Income (SSI) provides monthly payments to those who need assistance paying for everyday expenses. You are eligible to enroll in the program when you turn 65 years old.
Medicare helps cover the costs of health care. When you retire, you will lose your employer-based group health insurance. Affordable health insurance plans from Medicare can take the place of your lost coverage. If you paid into the program for at least 10 years, you can sign up for free Medicare Part A. You are eligible to sign up for the program a few months before you turn 65 years of age.
Food programs are available if you need help accessing nutritious meals. If you have a low income and are 60 years of age or older, the Senior Farmers’ Market Nutrition Program gives you access to locally grown produce for free. If you are home-bound, you can look into home meal delivery programs for seniors in your area, like Meals on Wheels.
You may also be able to use your home to get cash without selling it. These are called refinancing loans. Learn more about the numerous loan options available to seniors.