Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

Several Resources that Could Help Seniors In-Need – Aaron Steele

Many people in the U.S. enter retirement with little or no savings. As a result, the majority of all of their income comes from their Social Security payment.

The most recent Social Security Administration (SSA) figures reveal that 12% of males and 15% of females rely on the benefit for 90% or more of their income. That can be difficult for a household: the average monthly payment in June 2021 was only $1,555.

Despite a larger-than-usual cost-of-living adjustment (COLA) of almost 6% this year, fast-rising housing and grocery prices have only heightened concerns among financially insecure retirees about managing their expenses and the future.

People are beginning to feel the effect of inflation, particularly on everyday items, says K.H., president and CEO of GreenPath Financial Wellness, a nonprofit debt counseling organization. That’s putting significant pressure on folks on fixed incomes.

Do you rely only on Social Security? Here are some coping tips.

Apply for food benefits

Many seniors aren’t using all of the food aid programs available to them, claim experts. According to a 2015 research, less than half of eligible seniors used the Supplemental Nutrition Assistance Program (SNAP).

For seniors, there’s a lot of misunderstanding about the program and many stigmas, which regrettably prevents individuals from seeking help.

The extra money may go a long way for seniors on a limited income: the maximum monthly benefit for a one-person household is $250. The money is accepted by grocery shops, internet vendors, and farmers’ markets.

SNAP has limitations about how much you may own in assets and earn in income to qualify for aid, and Social Security payments are considered. Still, some costs, such as rent and child care, might be deducted, and experts advise anybody who feels they may qualify to apply.

The USDA also operates the Commodity Supplemental Food Program, allowing certain low-income persons over 60 to receive a monthly food box comprising fruits, vegetables, cheeses, and other items.

Meanwhile, retirees with Medicaid health plan coverage might be eligible for free food through Mom’s Meals. In addition, some Medicare Advantage health plans provide meal benefits under the program for persons who have recently been discharged from the hospital or are suffering from a chronic ailment.

The meals, including Salisbury steak, spaghetti and meatballs, and sweet and sour chicken, are usually delivered every two to three weeks. People may notify the program if they have any allergies, and they can accommodate vegetarian diets and those suffering from diseases such as cancer or diabetes.

A Mom’s Meals spokesperson advised seniors who believe they may be eligible for free meals to contact a Medicaid or Medicare representative. Get assistance with health insurance and medication expenses. Health insurance and prescription expenses can eat away a big part of retirees’ funds. Fortunately, some may be qualified for monthly premium assistance through the Medicare Savings Program, according to Caitlin Donovan, a spokesperson for the National Patient Advocate Foundation. This nonprofit organization assists people in accessing and paying for health care. Donovan stated that your premiums, deductibles, and copays would be paid if you qualify.

Additionally, people enrolled in Medicare Part D, which covers medicines, should check whether they’re eligible for Extra Help. This program may be able to lower your drugs expenses. According to Donovan, the benefit may be worth more than $5,000 per year. There are also a lot of nonprofit groups that help seniors with their medical expenses. Copays.org, for instance, allows you to apply for funding to cover copays, premiums, deductibles, and OTC medications.
The National Patient Advocate Foundation maintains a financial resource list where you may look for local assistance for everything from dental treatment to end-of-life services.

Other options

While you must have a very low income to qualify, some retirees may be eligible for Supplemental Security Income, a means-tested program for people over the age of 65 or with a handicap.

In December 2021, over 2.5 million people received both Social Security and the supplementary payment in December 2021, which may be as much as $841 per month for an individual. You can apply online on the SSA’s website or by contacting 1-800-325-0778.

For additional help, visit the National Council on Aging’s “benefits check-up” website, where you may learn about over 2,000 options accessible to struggling seniors by ZIP code. The council also provides a handbook called “You Gave, Now Save,” which includes information on the most generous benefits that assist seniors with expenditures such as phone bills and property taxes.

Finally, some older individuals might be able to work part-time to supplement their income. According to Teresa Ghilarducci, director of The New School’s Retirement Equity Lab, more than a third of Americans over 65 are now doing so.

Ghilarducci mentioned that the Department of Labor has a program that assists low-income, jobless seniors in finding jobs and receiving specific training. The nonprofit SER and its network of community organizations that provide job training are also good resources.

Contact Information:
Email: [email protected]
Phone: 3604642979

Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.

After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Disclosure: Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.

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