As you get older and your flow of income decreases, it is important to manage your money the right way. Luckily, you may be able to lean on government and non-government programs, discounts, and other options that offer cash benefits and can make financial planning easier. Read on to learn about a few of these programs and how to take advantage of them.
Money management becomes vital as your earnings decline. Having a financial plan will help you budget and prepare for the expenses before and during retirement. Check out how you can spend less and even earn money in your golden years.
The federal government offers several programs to financially assist you as you age. You can typically qualify for many of these initiatives solely based just on your age. The five most popular government assistance programs include:
1. Social Security Retirement Income – The government provides you with monthly payments to help you cover living expenses. You become eligible for these benefits when you reach 62 years of age. However, you may collect a higher monthly amount if you wait for your full retirement age.
2. Supplemental Security Income – Although it sounds similar to Social Security benefits, Supplemental Security Income (SSI) is a separate benefit program. SSI benefits are available once you are 65 years old.
3. Medicare – One of the highest costs you have as you age is health care. The Centers for Medicare and Medicaid Services sets the age of eligibility for these affordable health insurance plans at 65 years of age, but you may qualify before that age because of a medical condition.
4. Senior Farmers’ Market Nutrition Plan – Paying for rising food costs is another concern when managing your expenses on a fixed income. If you are 60 years of age or older and have a low income, you can qualify for food benefits from this program.
5. Reverse Mortgage Program – If you have equity in your home but do not wish to sell it, you may consider a reverse mortgage. Federally-insured reverse mortgages for seniors are available once you are 65 years old. However, many more ways to save cash, earn cash,and prepare for the future are available once you become a senior.