Extending My Money & Resources In Retirement
Retirement is usually associated with fixed income. In other words, in retirement, we stop working. Once we stop working we’re not earning wages. Without wages, most of us aren’t likely to make additional money. “How do I extend my money in retirement,” is a question many seniors want to answer.
In this article, we briefly cover the how to extend retirement resources using government programs and family help. We cover government programs in detail here. We also touch briefly comment on using family for help. For details, see our Section on Family here. However, we don’t cover investments, income from real estrste, or other sophisticated ways of generating income in retirement.
The two top government assistance programs are Supplemental Security Insurance (SSI) and Social Security Disability Insurance (SSDSA or DSI). However, we don’t cover that here. Instead, we cover the other government programs made available to seniors seeking financial assistance.
Extending Retirement Money Using Government Health Programs
The most basic government health programs are Medicare and Medicaid. However, there are many other health programs the government provides. These include transportation to doctor’s appointments, home healthcare visits, and senior daycare.
A great best place to start is at the Administration for Community Living (ACL) here. ACL services include advocates that assisted seniors in identifying and applying for qualifying services.
Extending Retirement Money Using Government Food Programs
The government profivdes a number of food programs that can help seniors increase their resources. The best known is Supplemental Nutrition Assistance Program (SNAP). This program provides vouchers and food cards to qualifying seniors.
Also, the government provides nutritional support to qualifying seniors through their Commodity Supplemental Food Program (CSFP). The CSFP distributes both food and administrative funds to participating States and Indian Tribal Organizations to operate CSFP. In addition, the government supports programs like Meals on Wheels and programs offering nutritional advice.
Americans help older family members. In fact, about 25% of adults between us are helping a senior. Family support comes in a number of ways. The most common areas are managing, money transfers, housing, and transportation. CarePlanIt over family issues and support in detail here.
Family Help With Managing
Family help with “managing” refers to helping with instrumental activities of daily living. These include things like medication management, finances, shopping, and navigating medical issues.
Family Help With Transportation
Transportation refers to the hundreds of hours family members spend driving seniors to doctor appointments, pharmacies, grocery stores, and department stores.
Family Help With Money
Money help refers to giving your parents or grandparents money. Giving money to seniors is one of the more common ways children and other family members help seniors. In addition, many family members help
Family Help With Housing
Housing help comes in a variety of forms. Sometimes it means supplementing a senior’s income so they can pay for their own housing. Other times it lets a senior move in with you. Another example is moving in with a senior and helping them with rent or utilities.
Other Resources For Extending Resources In Retirement
US Department of Agriculture Food and Nutrition Services can be found here.
The Supplemental Nutrition Assistance Program for seniors can be found here.