Navigating finances in retirement can be overwhelming, especially with limited sources of income. A study by the National Council on Aging shows that 80% of seniors are struggling financially or insecure about their economic situation.
But the good thing is you can explore financial help for seniors to alleviate your situation and live more comfortably.
Here, we explore the elderly support programs you can explore in Raleigh, NC.
Why Does Financial Help for Seniors Matter?
Financial responsibilities often increase as you age, mainly due to declining health. You have to pay for medication or insurance and sometimes routine checkups. Besides, you may not be physically able to care for your house or do your daily living activities, so you may need someone to help you.
The need for financial help for seniors is also increasing as life expectancy rises. The Congressional Budget Office says the average lifespan from 2024 to 2033 is projected to be 79.3 years.
Many seniors need their savings to last longer to cover increasing expenses, and without proper planning, you may find it hard to cover expenses.
Programs offering financial aid for seniors can help seniors with costs such as:
- Housing
- Healthcare
- Daily expenses
When you get financial help, you enjoy a stress-free retirement in a Raleigh community. You may also avoid mental health issues associated with financial stress, such as depression and anxiety. Getting assistance also helps you afford quality care and a healthy lifestyle.
Exploring the Available Senior Financial Assistance Programs
Financial aid for seniors in Raleigh comes in different forms, including the following:
- Social Security (SS) benefits
- Supplemental Security Income (SSI)
- Grants from nonprofits
Social Security is the most common form of financial help for seniors. It provides retirees with a monthly income based on their lifetime earnings.
While SS benefits can boost financial stability, they often aren’t enough for all living expenses. However, they help cover some costs by compensating a percentage of your income before retirement.
SSI provides monthly payments to seniors without any income and those making little money. Since the federal program is need-based, it’s available to anyone who meets the set criteria.
In 2024, the maximum federal SSI payment is $943 per month for an individual, and couples get $1,415. North Carolina also provides additional benefits to support the SSI supplied by the state.
SSI can help you cover basic expenses like clothing and shelter. It offers some security to seniors struggling financially, and they could also use other benefits to cater to some costs.
Many seniors are unaware of the financial support available from nonprofits. Such organizations often give grants to help low-income seniors cover essential expenses.
Grants can be a critical source of financial help for seniors who may not qualify for government assistance. They also help supplement the benefits offered by federal and state programs.
Most nonprofits provide funds based on their mission and focus. For example, those aiming to improve access to healthcare may provide funds to cover medical costs. On the other hand, those focusing on shelter may help seniors cover rent and assisted living costs.
Financial Help for Veteran Seniors
If you served in the military, you can access special financial assistance programs. These will ensure you thrive and cover basic expenses in retirement.
The financial aid programs include:
- Veterans pension
- Disability compensation
- VA healthcare
Veterans pension offers a monthly payment to vets 65 and above or those with a permanent disability. You could also enjoy more benefits if you need assistance with daily living. The Aid and Attendance program can help pay for personal care or assisted living.
VA disability compensation is available to seniors who sustained injuries or disabilities due to military service.
The funds are tax-free, and the amount will vary based on the severity of disability. If you have a disability requiring additional care and is linked to your service, you may qualify for special monthly compensation (SMC).
Veterans can get specialized care at VA medical centers, which are typically less costly than private healthcare. The VA Healthcare benefits programs will pay for health costs related to:
- Routine doctor visits
- Hospital stays
- Prescriptions
The benefits provide a huge relief if you have a chronic health condition and need frequent checkups.
While most veterans receive financial benefits from the VA, some senior living communities in Raleigh also offer financial help.
For example, a senior may get a one-time rent discount after moving into a community. Always ask about vet-specific benefits when looking for senior housing in North Carolina.
Retirement Financial Planning to Help Seniors Secure Their Future
Proper retirement planning can help seniors maximize their savings. It allows them to explore investment options that bring passive income and help them live comfortably.
Effective retirement planning should include the following:
- Assessing your financial status
- Understanding your future expenses
- Maximizing retirement accounts
Reviewing your current financial status will involve taking stock of the following:
- Your income
- Assets
- Debts
- Savings
The analysis helps you determine where you stand financially to make informed decisions and spot gaps in your savings plan. It lets you budget for long-term care and adjust your spending or savings accordingly.
Your expenses change significantly after retirement, so it’s always good to plan for the future. When planning, understand your healthcare and insurance options. You should also assess housing expenses and determine if you want to sell your home or rent it out after joining a senior living community.
Retirement is a great time to enjoy life, and you may be looking forward to the following:
- Taking up new hobbies
- Spending more on self-care
- Volunteering
Planning for these expenses will help you enjoy your retirement without feeling financially stretched.
Find Suitable Senior Living Options in Raleigh, NC
After retirement, you’ll need a community offering social and personal care support. Senior living communities help you adjust to lifestyle changes while providing the care you need to live safely. They allow you to maximize financial help for seniors and give you access to wellness programs.
At TerraBella Northridge, you can thrive without the worry about managing a home or dealing with loneliness. We offer senior living assistance and compassionate care to all our residents. With our engaging community, you’ll care for your emotional well-being and stay connected to the world. Book a community tour today.
