Let's say you don't reach retirement with all the money that you're supposed to have saved and end up with a low income in retirement. Though the stock market has been very successful for many, the last few decades haven't exactly been without financial shocks.

Many households felt the effects of the 2007-2008 financial crisis and the Great Recession. People reaching retirement age thought they were set until financial markets crashed, wiping out much of their retirement funds. Many recovered, but for others, th🥃e timing was disastrous. More than a decade later, the world faced a new crisis.

The economic fallout of the pandemic and lockdown rocked the stock market, threw millions out of work, and isolated many Americans, especially older people who are more vulnerable to serious effects. While the market recovered many of ꦚits losses, not everyone was able to benefit. Here are some strategies for those who may need a little assistance in retirement.

Understanding Low Income in Retirement

How many people 澳洲幸运5官方开奖结果体彩网:get to retirement with low income? The National Council on Aging tracks economic security for older adults and found that 17 million Americans over the age of 65 live below the poverty level of $30,120 per year (2024 federal poverty level).

Millions of older adults ar🌳e economically insecure as they struggle with issues such as inadequate nutrition and soaring healthcare costs.

If you (or🎃 a loved one) do not have enough money to meet basic needs, you need to know about programs that can provide retirement assistance. At the same time, when the most immediate needs have been filled, it also makes sense to stand back and think about the next steps.

Government Benefits and Programs

You’re probably famili♏ar with a 🌟number of the following programs that help lower-income retirees.

Social Security

Throughout your working years, you paid into Social Security. The average retiree received $1,980.86 in monthly benefits as of February 2025.

If your spouse passed away or you’re disabled, you may qualify for benefits, too. For many, Social Security is the cornerstone of their income, but it’s not meant to be the primary income source.

Medicare

You paid into Medicare during your working years, just as you did with Social Security. You should receive Part A benefits at zero cost. 澳洲幸运5官方开奖结果体彩网:Premiums for Parts B and C will vary. Part D, better known as the prescription coverage part, has a low-income subsidy called Extra Help.

Extra Help

Older people receiving 澳洲幸运5官方开奖结果体彩网:Medicare Part D coverage may receive assistance from 澳洲幸运5官方开奖结果体彩网:the Extra Help plan, which includes $0 premiums and $0 deductibles, as well as low-cost prescriptions. Married couples living together must have a combined worth of $31,725 or less, and single people must have $23,475 or less to qualify for this plan.

Medicaid

Medicaid, not Medicare, is where you go if you need assistance with medical costs. The program provides coverage for “children, pregnant women, parents, seniors, and individuals with disabilities,” provided you are under certain income limits. You can receive Medicare and Medicaid benefits at the same time.

Food Stamps

Older adults are eligible for the food stamp program, which is now titled the Supplemental Nutrition Assistance Program (SNAP). You must apply in the state in which you live and meet specific income and resource criteria.

Supplemental Security Income (SSI)

SSI is not Social Security. Instead, it’s a public assistance program that provides aid to the aged, blind, or disabled and is intended to meet basic needs such as food, clothing, and shelter.

Benefitscheckup.org

Benefitscheckup.org is a website sponsored by the National Council on Aging that includes information on 澳洲幸运5官方开奖结果体彩网:public and private assis𓄧tance programs for adults over 55, including nutrition, legal, housing, and education. Complete the short form, and the site will list any programs that may apply to you.

Eldercare Locator

The U.S. Department of Health and Human Services sponsors Eldercare, a website similar to ♎the above. Enter your city or zip code, and the available to you.

Commodity Supplemental Food Program

The U.S. Department of Agriculture administers the Commodity Supplemental Food Program (CSFP). Similar to food stamps, this program is available to people at least 60 years old and is administered at the state level.

Tax Relief

Older adults may be eligible for tax relief, often on 澳洲幸运5官方开奖结果体彩网:property or real estate taxes, vehicle license fees, and solid waste fees. Certain income caps may apply, and each state has varying laws and eligibility requirements. You may also apply for a federal tax credit if your income falls below certain levels.

Senior Community Service Employment Program

The United States Department of Labor administers the Senior Community Service Employment Program (SCSEP), a program that provides training and part-time job placement for people age 55 and up under certain income limits. Jobs pay minimum wage but serve as a way to provide training that may lead to a better job in the future.

Housing Choice Voucher Program

The Housing Choice Voucher Program (HCVP) offers assistance for anybody living in certain properties run by local public housing agencies. Vouchers are income-based and often have a long waiting list. Your local government office has all the details. 

Other Help for Older Adults

Internet and Broadband Support

There are also a number of programs that help older adults 澳洲幸运5官方开奖结果体彩网:afford Internet services if they are priced out of reach, as can be the case in rural areas,༒ especially. Your local provider may even offer one of these plans.

Low-Cost Legal Services

Many attorneys and practices will provide legal services to older people for free or at a discounted rate.

Utilities Assistance

Many utility companies around the country provide assistance programs to older people who can’t afford to pay their utility bills. Contact your utility company and ask whether it has an assistance program. If not, the company might suggest other 澳洲幸运5官方开奖结果体彩网:ways to lower your utility bills.

Living a Low-Cost Lifestyle 

Spending less isn’t just about government or private programs, and you ༺can build in a lot of fun. You now have time to smell the roses—and even grow some—in your 🍃own garden or a community garden. You can grow vegetables, too, and those vegetables can replace some of what you buy at the supermarket.

With a little creativity, you can create four meals out of one broiler chicken, for example—plus healthy soup from the bones. Set to work polishing your cooking skills or 🅘learning some new ones because cutting back on takeout and restaurant meals can save you a lot of money.

If you live near a university, you can attend free student concerts, art shows, and lectures. Some volunteer programs include lunch for the volunteers—and they’re a good way to meet new people in your community, even if you didn’t 澳洲幸运5官方开奖结果体彩网:move after you retired.

The best exercise, if you can manage it, is walking, and all you need are adequate shoes. Look into the Silver Sneakers fitness programs, sponsored through many Medicare health plans in more than 22,000 locations. These programs allow you to work out at home or at the gym with friends and offer access to many different instructor-led fitness classes.

Controlling Your Finances

If you haven’t done so already, take control of your retirement finances. If you’re married, make sure both spouses are involved because one of you will probably have to take the primary role at some point. It’s important to discuss everythi𝔉ng thoroughly, especially when money is tight and there isn’t much room to recover from mistakes.

This is also the time to discuss whether you plan to stay w🌞here you are or relocate to a smaller home or less expensive community. The factors to consider are too numerous to list, but try to di⛄scuss them as fully and as early in your retirement as possible.

The Bottom Line

With a little bit of digging, older adults can find a host of targeted programs designed to assist with living expenses. Many of these programs are administered by your state or local governm💮ent.

Contact the appropriate government offices for more i꧋nformation or go to their websites. If you need help getting online, many puꦗblic libraries have extensive computer facilities and staff trained to help you learn how to use it.