We all hope to reach retirement with enough money saved so that we can enjoy old age without any worries. But this doesn’t always happen. And, unfortunately, without that nest egg, life can be unpleasant. The good news is that there are some programs out there that can help you with exactly this problem. Here’s what you need to know about them:
Social Security
We pay for Social Security for the entire duration of our working life. Although it’s not meant to be the primary income source, for many Americans it is.
Medicare
Just like with Social Security, you pay for Medicare during your working years. You become eligible for it when you reach 65, but don’t forget that you still have to enroll in order to benefit from it.
Medicaid
Medicaid covers what Medicare doesn’t. It can be useful if you need assistance with medical costs and, if you’re under a certain income level, it will cover you if you’re “aged, blind and disabled.”
Supplemental Nutrition Assistance Program
The Supplemental Nutrition Assistance Program, formerly known as the Food Stamps Program, offers nutrition assistance to millions of eligible, low-income individuals and families and provides economic benefits to communities. Seniors are eligible for the program.
Supplemental Security Income
Don’t confuse it with Social Security, because SSI is a public assistance program that provides aid to the aged and/or disabled.
Other programs are just waiting to be found
There are also numerous other programs out there that seniors can benefit from. To find the ones in your area, you can visit Benefitscheckup.org, a website sponsored by the National Council of Ageing. It includes more than 1,700 public and private assistance programs for adults over the age of 55. With just a little bit of digging, seniors can find all the programs they need to assist them with their living expenses.
