3 Government Programs That Offer Free Money For Senior Citizens
Most young adults look forward to retirement and the end of the daily grind. In a perfect world, entering retirement means you can relax and take time for the things you enjoy. However, 15% of Americans reported that currently, they have no retirement savings. And with rising inflation, it is becoming even more difficult for the elderly to affordable basic expenses on a fixed income. For those struggling post-retirement, here are 3 government programs that off free money for senior citizens.
3 Government Programs That Offer Free Money For Senior Citizens
With several state and federal programs, the government offers assistance to people with limited resources. Senior citizens are among the most vulnerable, especially as they have higher medical costs and fewer employment options. While Medicare, Medicaid, and Social Security provide some assistance, it isn’t always enough to provide the most basic standard of living.
For those in need of immediate cash benefits, here are 3 government programs that offer free money for senior citizens.
Supplemental Security Income (SSI)
The Social Security Administration manages the federal program that pays additional benefits to low-income senior citizens that are blind, disabled, or over 65. Based on figures from 2022, standard payments were $841 for individuals and $1,261 for married couples. If you are eligible, you could receive payments from both SS and SSI.
If you think you qualify, you can call 800-772-1213 with specific questions about your eligibility. However, you will have to apply through your local Social Security Office. But, under special circumstances, some may be able to apply for SSI online.
Veterans Pension
The U.S. Department of Veterans Affairs offers cash benefits for wartime vets and their survivors. If you are disabled or over 65, you are eligible to receive your Veteran’s Pension. But, you must meet requirements for years of active service and income limits.
The spouses of deceased veterans may also qualify for the VA Survivor’s Pension. Additionally, they can access other benefits through Household Allowance and Aid and Attendance Benefits for financial help. You may be able to afford a healthcare professional who can help with daily activities if their loved ones have lost mental or physical abilities.
To learn more and apply for your Veterans Pension, you’ll have to go through the VA website.
Government Grants
Although these programs are open to people of all ages, many government grants offer assistance to low-income families. Though these programs won’t send a check to your home, they can provide substantial financial relief.
For example, you may find grants that offer aid through:
- Temporary Assistance for Needy Families
- Individual Development Accounts
- Premium Tax Credit
- American Opportunity Tax Credit
- Earned Income Tax Credit
- Child Tax Credit
Depending on the individual situation, these grants could provide vital funding for senior citizens.
Finding Help for Senior Citizens in Need
Although it may seem hopeless, some resources and programs offer free money for senior citizens with limited resources. The BenefitsCheckUp tool from the National Council of Aging is an excellent resource to help you get started. By entering your zip code, you can find out what state and federal benefits are available where you live. The site also gives more details about the application process and a facts sheet to answer the frequently asked questions.
You can also contact the Area Agency on Aging, a non-profit organization that receives funding from state governments. They may be able to help senior citizens access the services they need and live independently.
Read More
- Medicare, Medigap? Making Sense of Senior Healthcare Coverage Options
- Tips for Senior Folks Living on a Fixed Income
- Senior Citizen Discounts That Help You Stay Young
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