The government program that gives senior citizens cash benefits is called Supplemental Security Income (SSI). SSI is granted to senior citizens who are in need of financial assistance. Seniors who have limited assets or income may enroll in this program. They will assess your current income and increase it to an amount that is predetermined.
The federal government will then reevaluate this every year, as the amount you receive will likely change. On average, you can expect to receive around $459 monthly. Married senior couples may also be able to receive more cash benefits.
General tax revenues are what fund this federal income supplement program. It can also be very helpful for individuals who are disabled or blind. To find out if you are eligible for this program, you can fill out the SSI’s Eligibility Screening Tool questionnaire.
In some cases, seniors who are part of the SSI program will receive enough to qualify for Social Security benefits at their job. This program is extremely helpful in supporting local communities and reducing homelessness. For many low income seniors, and disabled or blind individuals, this program has saved them from facing extreme poverty or homelessness.
Contact Senior Strong to learn more about different cash benefits and financial assistance programs for senior citizens today!
Charlotte Senger is a senior discount expert who handles all financial concerns and ensures that seniors are able to save money. She got her bachelor’s degree in Accounting from the University of Texas.