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Struggling Seniors: Financial Help Resource is Coming!

Financial Help Resources For Seniors That Are Struggling
According to the National Council on Aging, $16 billion in benefits goes unclaimed each year. (Photo: WUSA9)

Financial Help Resources For Seniors That Are Struggling

Each year around $16 billion in benefits go unclaimed by mostly seniors, According to the National Council on Aging.  WASHINGTON — In the year 2021, in America the poverty there has decreased almost across the board. Each year around $16 billion in benefits go unclaimed by mostly seniors, According to the National Council on Aging.

The President and CEO of the National Council on Aging (NCOA), Ramsey Alwin said that last year the census demonstrated, the only group to see an increase in poverty was older adults. She also said that 8.9% to 10.3% we’re from people aged 65 and older were the only groups in which poverty rose in.

According to a published post by WUSA9, Ramsey Alwin estimated that nearly 6 million elders now live below the poverty line. Alwin said that the seniors were the generation that built our nation, built our economy, built our communities, and built our families.

Now that generation is struggling to live. According to Pres. Ramsey Alwin of NCOA, currently the monthly is around $1,600 for the average social security payment. Many people have to make those almost exclusively on those money checks.

Financial Help Resources For Seniors That Are Struggling

According to the National Council on Aging, $16 billion in benefits goes unclaimed each year. (Photo: WUSA9)

Struggling Seniors Will Receive Financial Help

According to Alwin one in four older adults rely on social security for about 90% or more of their income. For the limited budget to be stretched, some people are forced to make tough choices. A word from Alwin said that whether it be turning down the heat or the cooling, depending on the region, cutting pills in half, or scrimping on nutritious foods they’re very resourceful.

But the seniors are sacrificing their health and lives. The cost of living is an 8.7% increase in the social security payments, which makes out to a per month extra money for $140 the average recipient, and is said to go set into effect in January.

Alwin thinks those should provide some relief for the struggling seniors, but she said that there are already other resources available that often go ignored. She said that every year, older adults leave an amount of $16 billion in benefits on the table because the elders simply didn’t know about them.

According to data provided by NCOA Public Relations Manager Simona Combi, approximately 60% of seniors who qualify for SNAP benefits that are formerly known as food stamps are missing out on benefits and an, and all of that is estimated to be around a million people.

 

READ ALSO: For Seniors With HECMs, FHA Announces Pandemic Support

 

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