Social security payments have an important impact on senior citizens’ lives. Most seniors continue their lives with these monthly payments. Particularly older people who are having financial difficulties attach more importance to these services and payments. Let’s discover the twelve facts about the Social Security Services for Seniors.
- More than 15 million older residents who are 65 years of age or older are living in economically insecure conditions. Most of them are at or under 200 percent of the federal poverty level which is $25,760 for a single person in 2021. These people are having difficulties paying their rents, housing expenses, and utility bills.
- Research indicates that compared to older women and older men, women are more likely to be poorer due to wage discrimination and taking care of children, and leaving their jobs. Therefore, older women who are 60 years of age or older need more benefits than older men. These women receive fewer monthly payments from the Social Security Administration. Thus, plenty of organizations and local government agencies organize various programs and services for those women. Particularly older women with children or grandchildren are able to apply for different programs.
- Besides being women or men, research shows that black and Hispanic older citizens who are 65 years of age or above have incomes under 200 percent of the federal poverty line. This means that most minorities earn less than other people when they are working. Hence, they receive less money when they retire.
- Approximately 15 million seniors can afford their lives thanks to the monthly payments they receive from the Social Security Administration. Thanks to these payments, they are able to cover their living expenses and maintain their lives.
- Another fact that was illustrated by the Elder Index and the Institute on Assets and Social Policies Senior Financial Stability Index is that the benefits of the Social Security Office keep older persons out of poverty. Even though it sounds positive, it can be troubling for some seniors since they are in the financial struggle but not considered as “poor”. These index reports prove that even though some seniors receive monthly payments, they are still having trouble paying their rent, housing costs, utility bills, or other expenses.
- Roughly 2.5 million older people are the recipients of Supplemental Security Income and most of them receive $475 every month. Many of these people depend on this money, thus it is vital for them. However, the policies and benefits of the Social Security Administration change according to the needs of people. Seniors who are receiving supplemental social security money and still require financial assistance may get in touch with the state authorities, city departments, and non-profit charitable organizations. There is a good deal of opportunities for seniors who are in economic hardship.
- The reports of the Social Security Administration show that most of the beneficiaries who are 65 years of age or older depend on the monthly payments. It simply means that those people live on a very small amount of money.
- It is true that older women receive fewer retirement benefits than older men. Furthermore, older women of color are in worse situations and they receive less money than both of the groups.
- The reports of the Government Accountability Office indicate that approximately half of the households headed by an adult individual who is 55 years of age or older do not receive any retirement savings. Therefore, it is significant to look into other resources for those people.
- Another important issue is employment opportunities. Even though the federal government, the state, and the city authorities, and non-profit establishments provide plenty of job opportunities for older people, the Bureau of Labor Statistics estimates that most seniors who are trying to find an available job based on their skills and abilities are having a hard time finding one. Most of these seniors spend roughly 27 weeks or longer to find a job. Most of the available jobs are part-time and may not be the permanent solution that seniors are looking for. It is better to stay in touch with local authorities and neighborhood communities to build a network. This network can be very useful to find the best available employment opportunity.
- Almost 50 percent of senior citizens who are 60 years of age or above receive the Supplemental Nutrition Assistance Program (SNAP). Those people get food assistance and more based on their specific case.
- Almost 10 million seniors are paying their mortgages or other sorts of loans to afford their housing. The Bureau of Labor Statistics illustrates that senior citizens who are 65 years of age or above spend approximately $20,000 yearly for their housing-related costs.
Even though these are recent facts about the social security benefits, these numbers have been changing each year. Senior citizens who are facing financial challenges should keep in mind that there are lots of programs and benefits other than social security payments if that is not enough to cover their living expenses. All you need to do is to consult a local agency or non-profit organization to find out more information and to apply. It is most probable that there is an available benefit particularly combined with your economic and health status. The key point is always to stay in touch with the local community.