Are You Missing Out on Government Benefits in Retirement?

Are You Missing Out on Government Benefits in Retirement?

American seniors today face more financial challenges than any other group of retirees in history. A declining economy, combined with record-high inflation, has depleted retirement accounts, and raised the prices of goods and services across the board. Even two consecutive years of above-average Social Security cost-of-living adjustments have not allowed retirees’ income to keep pace with inflation and the rising costs of medical care. If you are retired in this economic environment, or planning to retire soon, you know that difficulties like these can delay your retirement or force you to accept a reduced standard of living during your golden years.

If you are feeling the sting of inflation, there are some government programs available for seniors that can help supplement retirement income or reduce expenses. Unfortunately, many seniors don’t know about these programs, resulting in billions of dollars in benefits going unused every year. Today, the team at Crash Proof Retirement would like to share some of these often-overlooked programs, while also discussing the benefits of protecting your hard-earned savings with a proprietary Crash Proof Retirement System.

Assistance with Food Expenses

Food prices have been devastatingly influenced by inflation. Price inflation for food generally runs higher than any other group calculated in the Consumer Price Index, and it is an essential that no senior can do without. If you have trouble keeping your fridge full on Social Security and investment income alone, there may be help available for you. The Supplemental Nutrition Assistance Program (SNAP) provides assistance with food expenses, and AARP estimates that about 71% of seniors who qualify have not signed up for benefits. The average monthly SNAP benefit for seniors who live alone is $104, but adults with low incomes can receive more than $200 per month.

Aid for Healthcare Expenses

The increase in Medicare Part B premiums that took effect in 2022 hit many seniors hard, and while that premium will be slightly reduced in 2023, it will do little to increase seniors’ disposable income — especially when factoring in inflation. Medical expenses are typically the largest budget items for seniors, so if you need a little help, there are subsidies available. Low-income seniors may qualify for the Medicare Savings Program, which covers their Medicare Part B premiums. The Extra Help program is also available to those who receive Medicare Part D benefits. This program can help cover your prescription drug expenses to the tune of more than $5,000 annually.

Other Types of Assistance

The federal government is not the only place where seniors can find help with their monthly bills. Programs at the state and local level can aid with heating bills, provide property tax relief, and much more. The Administration for Community Living’s Eldercare Locator is a good resource to identify a range of benefits and programs that may be available in your area. Just follow the link above and enter your ZIP code to find out more information.

Building a Secure Retirement

While government benefits can certainly be an important part of your retirement plan, the more money you can protect from your working years, the less dependent you will be on government assistance. You can start by implementing a proprietary system of Crash Proof Retirement Vehicles designed to guarantee the safety of your nest egg and prevent you from ever losing a penny during any stock market crash. All of today’s most popular retirement savings vehicles, including stocks, bonds, and mutual funds, are based in the risky securities industry, meaning you could lose an exponential amount of money that you worked hard to accumulate. When the stock market declines – as it currently is – the value of your nest egg will decline significantly, with no guarantee of ever recovering what was lost. 

Luckily, you can learn how to protect yourself from market volatility, fees, and everything else that comes with securities-based investments by getting a free financial education from Crash Proof Retirement. Our team of licensed retirement phase experts will give you all the information that other financial planners in the Bucks County area will not tell you, including safe retirement investments that exist outside the securities industry. We call them Crash Proof Vehicles because they credit compounded interest at rates higher than traditional retirement investments and are guaranteed to keep your hard-earned money secure. Call 1-800-722-9728, or visit our contact page to find out more about the proprietary Crash Proof Retirement System and to schedule your free financial checkup today. Appointments are available in-person or through easy-to-use video conferencing.