There are a lot of benefits available for retired adults from government-based programs to financial assistance and more. Unfortunately, these benefits can be difficult to find unless you know where to look. This is why so many older adults opt to move into retirement communities, such as Solivita Living.
Solivita Living is an agency that helps 55+ individuals buy or sell real estate in 8 active adult communities across central Florida. We can help you connect with many of these benefits for retired adults.
Such communities can help connect older adults with beneficial programs. In this article, we’ll explain more about the benefits that are currently available for retired adults in the United States.
What Benefits are Available?
There are lots of benefits available for adults over the age of 65, including:
- Healthcare
- Housing Assistance
- Transportation Services
- Recreational Activities
- Food/Dining
- Prescription Assistance
The benefits discussed here are nationwide. You may also wish to check with your state and local government to learn more about the benefits offered by those agencies.
Social Security Administration
The Social Security Administration, or SSA, is a government agency that offers financial support for retirees. This money comes from payroll taxes that are withheld from each of your paychecks throughout the years. The agency tracks who is paying into the system and how much. They ensure that there is enough to pay back out by investing the money into special securities access through the following programs:
Medicare Savings Programs
Medicare Savings is a free government program designed to assist with the rising costs of healthcare. These programs are for those who have limited resources/incomes to pay for their Medicare expenses, including:
- Premiums
- Co-pays
- Deductibles
However, it is important to note that these programs vary from one state to another.
Social Security Retirement Benefits
In order to qualify for Social Security Retirement Insurance Benefits, you must meet the following criteria:
- Earned enough credits
- Age 62+
- United States citizen or legal immigrant
Reverse Mortgage
Older adults who meet the following requirements may be eligible for a reverse mortgage, in which they receive a monthly payment:
- Substantial home equity
- Over the age of 62
- Own a home
The most appealing features of this benefit program are that, as long as they remain in the home:
- The money does not have to be repaid
- They do not have to make interest payments
Medicare Insurance
The last thing that retirees need to worry about is the high cost of healthcare. The best way to reduce these costs is to join Medicare at the age of 65. There are several different programs under this umbrella:
- Medicare Part A- pays for hospitalization expenses for free for most retired adults
- Medicare Part B- costs $148.50 per month, covers medical care including doctor visits. The premium can be deducted from your SSA payments.
- Part D- covers the cost of prescriptions
Miscellaneous Benefits for Retired Adults
Many people believe that the only benefits for retired adults are through governmental agencies. However, there are other benefits including:
- Discounts and Travel deals
- Reduced limits on retirement account activity
- Tax deductions
- Financial assistance specifically for military veterans
- Insurance policy conversion
Consider Solivita Living for Your Retirement Years
If you are already retired or are planning to be soon, consider Solivita Living for your retirement years. We are a real estate agent specializing in 55+ communities across central Florida. We will discuss the options with you and match you with the perfect option. In addition, if you have questions or concerns about benefits, our friendly staff will be happy to offer guidance.