The cost of aging in America continues to rise, creating financial challenges for millions of retirees. While Social Security provides a vital source of income, it’s not always enough to cover increasing expenses like housing, food, health care, and utilities.
As the cost of living climbs faster than benefits, many older adults struggle to make ends meet.
When Inflation Outpaces Income
A rise in living expenses can have serious consequences for older Americans on fixed incomes. Recent data from the U.S. Census Bureau shows that poverty among adults aged 65 and older increased from 10.7% in 2021 to 14.1% in 2022.
This alarming trend highlights the growing gap between income stability and the real costs of retirement living.
Benefits Programs Offer Relief
There’s good news amid these challenges: a wide range of public and private benefits programs can help older adults pay for daily essentials. These programs provide support for food, health care, housing, and more.
The bad news? Millions of eligible Americans aren’t taking advantage of these resources simply because they don’t know they exist—or how to apply.
Billions in Unclaimed Benefits
According to the National Council on Aging (NCOA), eligible older adults leave roughly $30 billion in benefits unclaimed every year. Many retirees miss out on valuable support that could help them live more comfortably and securely. Understanding what’s available and where to start is the first step toward closing that gap.
Food Assistance Through SNAP
The Supplemental Nutrition Assistance Program (SNAP) helps low-income individuals afford nutritious food. In 2020, the average monthly SNAP benefit for an older adult living alone was $105.
Despite this, nearly half of eligible seniors—about 5 million people—don’t enroll. That translates to $6.3 billion in unclaimed food assistance each year. To learn how to apply, visit the Social Security blog for helpful guidance.
Help Paying for Prescription Drugs
Another often-overlooked benefit is the Medicare Part D Low-Income Subsidy (LIS), also known as Extra Help. This program reduces or eliminates out-of-pocket costs for prescription drugs. Social Security estimates the annual value of Extra Help at $5,300 per person.
However, NCOA reports that around 2 million eligible people don’t apply—resulting in $10.6 billion in missed savings every year.
Medicare Savings Programs
Medicare Savings Programs (MSPs) assist with the monthly Part B premium, which is $174.70 per month in 2024. These programs can make a significant difference for older adults living on tight budgets.
Yet, NCOA estimates that between 2 and 3 million Americans who qualify for this assistance never sign up, leaving as much as $5.94 billion in potential benefits unused each year.
A Trusted Way to Check Eligibility
If you’re unsure whether you qualify for these or other benefits, there’s a safe and reliable way to find out. The National Council on Aging’s BenefitsCheckUp® is a free, confidential online tool that helps older adults identify programs they may be eligible for.
It’s available nationwide and includes more than 2,000 federal, state, and local benefits programs.
How BenefitsCheckUp® Works
Using BenefitsCheckUp® is easy and secure. Simply visit the website, answer a few brief questions about your situation, and get an instant personalized report.
The tool provides details about the programs you may qualify for—along with clear next steps for applying. You can explore options for food, housing, health care, transportation, and more—all while remaining anonymous.
Why So Many Miss Out
Many older adults miss these opportunities due to lack of awareness, confusion about eligibility rules, or fear of complex paperwork. Others assume their income is too high to qualify.
However, benefits programs are designed to serve a wide range of individuals and families—especially those on fixed incomes whose resources are stretched thin by rising costs.
Taking Control of Your Financial Future
Applying for benefits may seem overwhelming, but modern tools like BenefitsCheckUp® make the process easier than ever. With just a few clicks, you can find programs that supplement your income and reduce everyday expenses. It’s an empowering way to take charge of your financial well-being and make retirement more secure.
Spreading Awareness and Support
You can also help others by sharing this information with family, friends, and community members. Encouraging loved ones to explore available benefits can make a real difference in their quality of life. Every dollar of support claimed helps reduce hardship and strengthens the economic stability of older adults across the country.
A Step Toward Financial Peace of Mind
Aging with dignity shouldn’t mean worrying about basic needs. With the right information and resources, millions of Americans can access the help they deserve. Programs like SNAP, Extra Help, and Medicare Savings can make retirement more affordable—and tools like BenefitsCheckUp® ensure that no one is left behind.
FAQs
Why is the cost of aging increasing in America?
The cost of aging is rising because expenses like housing, health care, food, and utilities are increasing faster than Social Security and retirement income. Many older adults live on fixed incomes, making it difficult to keep up with inflation and everyday costs.
How many older adults are affected by poverty?
According to the U.S. Census Bureau, the poverty rate among adults aged 65 and older rose from 10.7% in 2021 to 14.1% in 2022. This increase highlights the growing financial strain many retirees face as living costs outpace income growth.
What benefits programs can help older adults?
Several public and private benefits programs provide support, including the Supplemental Nutrition Assistance Program (SNAP), Medicare Part D Low-Income Subsidy (Extra Help), and Medicare Savings Programs. These programs help cover essential needs like food, medications, and health care costs.
How much money goes unclaimed in benefits each year?
The National Council on Aging (NCOA) estimates that eligible older adults leave about $30 billion in benefits unclaimed annually. Many people miss out because they don’t know these programs exist or are unsure how to apply.
What is BenefitsCheckUp® and how does it work?
BenefitsCheckUp® is a free, confidential online tool from the National Council on Aging. It helps older adults find benefits they may qualify for, including food, housing, health care, and income support. Users answer a few questions and instantly receive a personalized report with next steps for applying.
Where can I learn more about applying for these benefits?
To explore federal programs, visit SSA.gov or Medicare.gov. For personalized help identifying benefits in your area, visit BenefitsCheckUp.org. You can also read Social Security’s blog for step-by-step guidance on applying for assistance programs like SNAP and Extra Help.
