The National Council on Aging reported in 2024 that one in three adults aged 65 and over were “economically insecure.” Over 17 million people had incomes below 200% of the Federal Poverty Level. More than 11 million were still working or actively seeking employment and struggling to make ends meet.

Federal and state governments provide numerou꧅s programs to help out. Some are designed specifically for retirees. Others help qualifying individua🤪ls regardless of age.

Income Assistance

The Social Security administration administers two well-known federal government programs that provide income to retirees. The qualifying criteria and how much individuals receive may vary based on an individual's income, marital status, and more.

Social Security Retirement Benefits

Social Security retirement benefits are based on credits earned throughout an individual's career. Employees and employers pay Social Security taxes into the system based on earnings. Those born in or after 1929 need 40 credits to qualify for benefits. This equates to 10 years of working, but the years don’t have to be consecutive.

Benefits are based on income, so those with higher incomes will receive greater benefits up to a certain limit.Retirees can start collecting benefits as early as age 62, but they are reduced.

, CEO of Wealth Advisory Group, a company at World Insurance Associates notes that deciding when to collect Social Security can be a critical decision. “Most people reach full retirement age at 67, no longer at 65. This is when you earn the full amount of your benefit. If you take Social Security early, you take a penalty for the rest of your life,” Craft warns.

People can also earn higher benefi🐼ts if they wait past full retirement age (FRA)

“If you were born in 1943 or after, every extra month you work gets you an increase of 2/3 of 1%. This adds up to 8% for every extra year of work,” according to , CEO of Beca Life Settlements in Toms River, NJ.

That means if you w🧜ait u🎶ntil age 70 to collect, your benefit would be 24% more than if you started collecting at age 67.

Supplemental Security Income

Supplemental Security Income (SSI) provides monthly income to qualified individuals aged 65 or over as well as blind and disabled individuals regardless of their age. SSI is a needs-based program administered by the Social Secu🐷rity Administration.

However, individuals with substantial cash, earnings, or property may not qualify. Resources are capped at $2,000 for individuals, increasing to $3,000 for spouses as of 2025. An individual's personal residence, one vehicle, furniture, clothing, appliances, and life insurance policies with cash values of up to $1,500 are exempt from the qualifying calculation.

Additionally, you may not qualify for SSI if your income is too high. There's a $2,019 monthly income limit for individuals, but this increases for couples. Income sources include earnings from working, pensions, unemployment, and disability benefits.

Housing Programs

Housing is often the most significant monthly expense for many Americans. In September 2024, the U.S. Census Bureau reported that more than 21 million renters used more than 30% of their income on housing costs. Those who must spend more than 30% on housing costs are considered “cost-burdened."

Section 8

The Housing Choice Voucher Program 澳洲幸运5开奖号码历史查询:Section 8 is a federal program that provides rent assistance to low-income households, including retirees, for properties owned by participating landlords. Eligibility depends on your annual income and family size. Eligible individuals and families can receive vouchers worth up to 30% of their monthly household income.

Section 202

Tropper recommends that individuals "look at Section 202, which helps low-income seniors live independently in housing."

The Section 202 program was designed specifically for those aged 62 and over. It was intended to help people live independently in housing while providing support activities like cleaning and cooking. It hasn’t been actively funded for cash assistance since 2012, but the Department of Housing and Urban Development indicates that developments that were established using existing funds continue to assist.

The Home Energy Assistance Program (HEAP)

The federal Home Energy Assistance Program (HEAP) issues cash grants to eligible households for use toward heating expenses. This program is administered by the states, although it's funded by the federal government. States set their eligibility requirements regarding income and assets.

Healthcare Resources

Health issues can affect an individual's retirement years. This is where federal healthcare programs like Medicare and Medicaid come into play.

Medicare

The enrollment Medicare is available in five parts: A, B, C, D, and Medigap. Parts A, B, and C are well-known Medicare plans. Medicare is available to those age 65 and older, but you may be eligible before that if you have a disability or chronic illness.

• Part A: Covers inpatient care at a hospital or a skilled nursing facility, although this doesn't include long-term or custodial care. Some home healthcare is also covered.
• Part B: Covers doctor’s visits as well as mental health services.
• Part C or Medicare Advantage: This covers prescription drugs and needs not covered under Parts A and B, including dental work, vision care, and hearing issues.
• Part D: Covers some of the costs of prescription drugs.
• Medigap supplemental policies: These help individuals cover often-required copayments and coinsurance.

If you're already receiving Social Security benefits when you become eligible for Medicare, you'll automatically be enrolled in Medicare Part A and Part B.

However, if you aren't receiving Social Security benefits when you become eligible for Medicare, you may need to apply on your own. And make sure to pay close attention to the enrollment periods.

The Social Security Administration recommends that individuals sign up for Medicare three months before their 65th birthday regardless of whether they’ve begun receiving retirement benefits. This is because the initial enrollment period lasts seven months for Medicare, starting three months before the month you turn 65 and ending three months after your birthday.

If you enroll later, you may have to pay penalties—unless you qualify for a special enrollment period.

Medicaid

Medicaid is designed to help all individuals with limited income and resources. It’s provided jointly by federal and state governments. Eligibility can vary from state to state. Medicaid pays for certain services that Medicare doesn’t cover, including nursing home care. Services are made available to patients with very little cash outlay.

Nutrition Programs

Some retirees have trouble paying for groceries after they meet other significant expenses. The 澳洲幸运5开奖号码历史查询:Supplemental Nutriti꧙on Assistance Program (SNAP), formerly food stamps, is provided by the federal government. It also imposes income and resource limits but some increase for beneficiaries who are age 60 or over. SNAP IS funded by the federal government but administered locally by states.

Where to Look for Help

• State or Local Offices: Individuals can contact the appropriate local source for their needs, such as Section 8 or SNAP. Many counties have offices specifically staffed to meet the needs of aging residents.
• Social Security: Individuals can apply for Social Security retirement benefits online at or contact a regional Social Security office.
• SSI: The Social Security Administration provides an to apply for Supplemental Security Income.
  
• Medicare: The Social Security Administration contacts individuals a few months before eligibility.

The Bottom Line

The federal government and the states work in tandem to help those in their retirement years through many beneficial programs. Individuals may not qualify for some due to income or financial resources, but help is available when needed.