Learning the rules of financial security for seniors is key to a good quality of life. Cash assistance for senior citizens is a real benefit in this country. It comes in many different ways. We will explore some of those hidden gems in this simple guide.
Humans have different demands on their finances as a result of their age. Seniors are no different. The most important factors that separate seniors from other aged individuals are two-fold.
- The time constraints on income potential
- physical constraints on work ability
Despite these very real factors, seniors can still have financial security. Many of us shy away from the idea of achieving financial security because we think it is something that will never happen, seniors included. However, though feeling financially secure is different for everyone, the definition of financial security is simple.
What Is Financial Security?
Financial security is more about peace of mind. According to Moneyfit.org being financially secure includes the following:
- Having enough savings in the bank for emergencies
- Having enough income sources to cover all expenses
The article goes on to say that financial security means having the money to pay for everything that is necessary by having more than enough. Lastly, financial security means having control over your financial situation.
Feeling secure is knowing that you have it covered. So, financial security means that you have your financial situation covered. The article added that financial security includes being free from debt. This is a tricky one. Even billionaires have debt. They have enough money to comfortably pay their debts. If you have enough money to cover your debt, you can be financially secure with manageable debt. Learning about cash assistance for senior citizens is worth the time. It can lead to more financial security.
Is It Too Late To Obtain Financial Security?
For seniors, the question becomes, is it too late to become financially secure? The answer is absolutely not! Having control of your finances, no matter how much or little money you have, is possible. It takes discipline and a desire to be at peace with the money you have.
Never Leave Anything On The Table!
Seniors, are you on the road to financial security? If you are, fully invest in the fact that you should never leave anything on the table. That means, if there's an opportunity to get something that you've earned or qualify for - GET IT!
Financial Security For Seniors Who Receive Government Aid
Many seniors today receive some government assistance. It is a well-deserved benefit for those who have worked hard and are living long. You have a lot more life ahead and you should capitalize on getting everything you're entitled to.
Getting Everything You're Entitled To Is Plain Smart!
Be empowered! Make sure that you're getting every government benefit you are entitled to. If you need help in finding out more, there are several agencies that are staffed with individuals just to help you learn about what you should be getting.
People are waiting to tell you all about cash assistance for senior citizens. These staffers can inform you, in soup-to- nuts fashion, of what seniors qualify for. These well-deserved benefits can help support your financial security. Paying for something versus not paying for something leaves more money in the bank for other necessities.
Major Monthly Expenses Can Be Eliminated
Sit down and take a good look at your monthly expenses. If you want to be financially secure, you have to see what you're spending your money on. This is a key factor in obtaining financial security. Remember, it is about control. Typical monthly expenses include
- INSURANCE - (Health, Car, Renters, Etc.)
- UTILITIES - (Electric, Gas/Oil, Water)
- CELL PHONE SERVICE/ INTERNET SERVICE
- PERSONAL GROOMING
- CAR PAYMENT/ TRANSPORTATION FEES
More than likely, you are not working anymore. Let's learn how to take some of those monthly expenses off of your list.
For example, you can get free cell phone and Internet service with EASY Wireless! Cell phone bills are a major monthly expense for many people. Imagine not having to pay for cell phone or Internet service at all! This service is like getting absolutely free cash assistance for senior citizens. The money you will save is like cash in your pocket. That's just one fantastic benefit you may qualify for.
That's right, you can totally eliminate two monthly bills! A little more on how EASY Wireless can save you lots of money every month toward the end of this guide.
The bottom line is that if you take the time to do the proper research, you can find many ways to eliminate monthly expenses, and find cash assistance for senior citizens... Not paying for cell phone service and internet service is just one example of how you can gain financial security.
Does Social Security Equal Financial Security For Seniors
Though almost all of us possess a Social Security number, many of us don't know what social security is. Is it money that you receive each month once you get to a certain age? Well, answering that question is not very simple. In fact, some people will not receive Social Security even when they reach the required age.
Exactly What Are Social Security Benefits?
Social Security is based on a simple concept: while you work, you pay taxes into the Social Security system (on your paycheck it appears as OASDI, Old-Age, Survivors, Disability Insurance), and when you retire or become disabled, you, your spouse, and your dependent children may receive monthly benefits that are based on your reported earnings. That is the direct definition taken from the Social Security Administration glossary.
Started in 1935 by then president, Franklin D Roosevelt, Social Security was a way to make sure that older Americans always had enough. The United States Social Security administration is an independent agency of the US federal government.
Who Qualifies For Social Security?
In order to receive Social Security, you must have paid into it, or be a spouse of someone who paid into it, or be a surviving dependent child of someone who has paid into it. There are many types of employment that do not pay into the Social Security system. As a result, when you reach the required age, if you did not pay into it, you do not receive any benefit.
Some Other Basic Facts of Social Security
- The Social Security Administration also manages Social Security Disability Insurance. This is a payment that qualified workers receive when they become disabled at any time.
- You must reach full retirement age to receive Social Security. The full retirement age is between 66 to 67. (If you were born from 1943 to 1954, the full retirement age or FRA is 66. If you were born from 1955 to 1960, the full retirement age goes up little by little until it reaches age 67. If you were born in 1960 or later, FRA is age 67.
- If you take out your Social Security benefits early, you are generally given a smaller amount. The youngest age to draw Social Security is 62.
- Everyone's Social Security benefit is different, but the average benefit for someone who takes out their Social Security at age 65 is $1668 per month, according to AARP.
- The lump sum death payment of $255 is only paid to the widow, widower (if they live with the deceased) or child of a Social Security beneficiary.
AARP has a Social Security benefits calculator that you can use to see how much you may receive from the Social Security administration. You can also check online at my Social Security account. This service is offered directly from the Social Security administration. Other than those two tools that can give you an idea of what you'll receive, you basically have to wait until you apply for Social Security to see what your monthly benefit will be.
Will I Get Social Security Benefits?
Many people think cash assistance for senior citizens through Social Security benefits is a given, but according to Investopedia there are different categories of people who will not receive Social Security benefits in order to receive Social Security benefits you have to have 40 credits. 40 credits is roughly 10 years of work. The credits build up over your lifetime and never expire.
- You have to be at least 62 years of age to start claiming Social Security benefits. Unfortunately, those workers who pass away before age 62 will not be able to receive Social Security benefits. However, dependent children and spouses may be entitled to survivor benefits.
- Only certain divorced spouses are eligible to collect. It depends on their work history, how long the marriage lasted, and their marital status and age.
- People who have paid into Social Security and then retire in certain foreign countries are not eligible to collect Social Security payments.
- Some non-citizens aren't eligible to receive benefits even if they have the required credits and age. The United States has agreements with some countries known as totalization agreements. If one of these agreements is in place, they may be able to receive benefits.
- Certain government and railroad jobs do not pay into Social Security at all. That is, their workers are not taxed for Social Security.
- Workers who are self-employed and do not pay into the system will not be able to receive Social Security benefits.
- Some immigrants over the age of 65 will not qualify for Social Security benefits because they have not worked in the United States. However, if there is a totalization agreement in place with their country, they can receive benefits from their country as well as the United States if they earn six work credits here.
In short, it is a good idea to learn about Social Security prior to reaching your full retirement age. Take advantage of the tools listed above and find out what, if anything, you are eligible to receive from the Social Security administration.
Chances are you will receive something because nearly 9 out of 10 people that were 65 and older on December 31, 2020 were receiving Social Security benefits.
Government Assistance Programs For Seniors
Eligibility for government assistance programs for senior citizens is based on income.
Cash assistance for senior citizens may be in the form of actual dollars or in keeping actual dollars for other expenses, or savings. Now, the great thing about getting older is that there are a wealth of programs designed to assist. There are literally hundreds of programs that can specifically help you.
The US Department of Health and Human Services has picked the best search tools for seniors. The hundreds of health and human service agencies that are geared to improve your quality of life and well-being can be found therein. Essentially, these are locator engines to get you the specific service or benefit that you need.
Administration for Community Living - The ACL's goal is to keep you home. If that is not able to happen, keeping you as close to home in your own community is why they exist. The search engine can link you to hundreds of government assistance programs that can help you stay in your own home or as close to it as possible while you age or recuperate from an illness.
Eldercare Locator (ACL) - As a part of the efforts of ACL, this search engine makes finding help as easy as one click. It's a public service of the US Administration on Aging. You can learn more about support services, housing, elderly rates, insurance, benefits, health as well as transportation.
National Institute on Aging - offers comprehensive health information for older adults. It's the National Institute of Health's division just for senior citizens. The NIA or National Institute on Aging gives access to every ailment or disease you've ever heard of. Connection is easy.
Long- term Care.Gov - About 60% of us will need assistance with personal care at some point. Some of the services are covered by health insurance. It's important to learn about resources for long-term care and what benefits you are eligible for. This site is designed specifically for that planning process.
OK, so now that you know how to search for the right government assistance programs, here's a short list of the major ones along with the links to find out more about each:
- Medicare and/or Medicaid - for medical and healthcare insurance
- SNAP (Supplemental Nutrition Assistance Program) - free food and nutrition benefits
- The US Department of Housing and Urban Development or HUD - assists senior citizens via public housing, housing vouchers, or multi-family, subsidized housing, programs that help with home repair, property taxes, utility bills and weatherizing your home.
Housing Vouchers For Seniors
Housing vouchers are a way to supplement the rent for your home or a rental unit. Also known as Section 8, and housing choice vouchers, housing vouchers are a way for senior citizens and other qualified persons to live in decent housing.
With the voucher program, you look for and secure your rental unit or rental home from a landlord who will accept the voucher as partial payment for rent. Someone from the program has to inspect the home to make certain that it is safe for you and your family to reside there. Once approved, the landlord will be paid directly from the US Department of Housing and Urban Development for a portion of the rent. You will make up the other portion.
Different Types of Housing Vouchers & Housing Assistance For Seniors
This is yet another example of cash assistance for senior citizens. The money you save with a housing voucher can be used for other daily living essentials or long term needs.
The US Department of Housing and Urban Development or HUD has other programs to help senior citizens with their housing needs, as well. In addition to the housing voucher program, HUD offers ways to stay in your home. As you age, the ability to meet property taxes, mortgages, utilities, insurance and other home owner obligations becomes increasingly difficult. HUD offers information on:
- Reverse mortgages for seniors
- Housing counseling
- Rural housing loans
- Finding affordable rents
- Public housing
- Rural rental help
- Housing discrimination
- Reverse mortgage scams
You're Not Alone!
This guide serves to give you an overview of all of the many resources available to senior citizens. It's not just about cash assistance for senior citizens, it's about finding a better quality of life. As you delve into all of the research tools mentioned above, you will learn that you are not alone. With the advantages of technology in better healthcare, people are living to be older and older. It's important for you to realize that there are many resources available to assist you.
A very important component of getting information is having a proper cell phone and Internet service to connect with. The folks at EASY Wireless are in business to do just that. As you are looking for more ways to obtain financial security, explore the EASY Wireless program. Working with the government-sponsored Affordable Connectivity Program, EASY Wireless has programs you may qualify for. You may qualify for a free cell phone service and free Internet service. Take a look at the EASY Wireless website to find out more.
Here's to your long life and your empowered financial security!
For More Helpful Tips
For more helpful and useful tips check out our comprehensive guide titled, Senior Citizens - Guide for Living Your Best Life.