As people age, their needs and financial circumstances change. That’s why it’s important to have a thorough understanding of the available benefits for seniors over 65. While many people associate retirement with final days filled with golf and shuffleboard tournaments, there are several ways to extend your working years and continue earning money while doing so in a way that helps you maintain a comfortable lifestyle.
The best way to learn about these available benefits for seniors over 65 is to speak directly with someone who understands them well and enjoys Senior Deals. There are so many programs and services available that it can be challenging to understand exactly what you qualify for as a senior. Luckily, there are advisors everywhere who specialize in helping people like you make sense of these things. Here are some questions you might want to ask if you think you’re eligible for any of these services as a senior adult:
Is There a Retirement Income for Seniors Over 65 Program I’m Eligible for?
Several retirement income programs are available to seniors, including Social Security, or other retirement plan loans, pensions, and annuities. A financial advisor can help you determine which of these benefits you are eligible for and which is the best option for your particular situation. Ideally, you want to choose a retirement income plan that provides steady monthly income while also allowing you to retain control of your assets.
Can I Delay Taking Social Security as a Senior?
You can delay starting Social Security benefits until age 70, which is the normal retirement age for seniors. However, if you do this, your monthly benefits will increase by about 8% for every year you wait to claim your benefits. This may be a smart decision if you are in excellent health and have other retirement income sources to rely on. If you decide to wait to claim your Social Security benefits until later in life, it is crucial to make sure you have a source of steady income until then.
Am I Eligible to Receive a Lump Sum Social Security Benefit?
If you have a significant amount of time spent in the workforce, you may be eligible to receive a lump-sum Social Security benefit. This benefit is essentially a repayment for the money that you would have received had you started Social Security benefits earlier in your lifetime. This is a great option for seniors who do not need the consistent income that monthly Social Security benefits provide. Receiving a lump-sum Social Security benefit essentially allows you to “catch up” on the money you should have been receiving all along.
What Are My Other Income Options as a Senior?
If you are not eligible for any of the previously mentioned benefits, or you simply want a secondary source of income, you can look into other options such as a rental property, part-time work, or a side hustle such as selling items online. It is important to keep in mind that each of these options has its own unique set of challenges and may not be suitable for everyone. It is important to understand what each type of income source entails, and also how much effort each one will require.
Is There Any Type of Help for Seniors Who Need Living Assistance?
If you are struggling to cover your monthly expenses, it is important to apply for all available forms of assistance as soon as possible. There are several services that are designed to help seniors who live alone and struggle to cover their monthly expenses. These include programs such as the Supplemental Security Income (SSI) program and the federal section 8 housing assistance program.