25+ Resources for Low-Income Seniors

According to the National Council on Aging, more than 15 million adults over 65 years old are economically insecure with incomes below 200% of the poverty level.

Affordable housing is still out of reach for most low-income seniors and health care costs are expected to continue rising significantly over the next three years, according to Fierce Health Care.

“The main burdens affecting the quality of life for lower income seniors are health care costs, lack of transportation and increased cost of living,” Karla Radka, President & CEO of Senior Resource Alliance told RetireGuide. “This information is data-driven from our elder helpline. These are the areas that really affect their quality of life when it comes to financial stability.”

With concerns over a looming recession and rising prices, it’s more important than ever to be aware of free financial aid resources for seniors. These resources can help you better manage your finances to achieve the retirement lifestyle you deserve.

Our editorial team compiled a list of five buckets with resources to help low-income older adults.

One organization, BenefitsCheckUp, provides resources for several of the buckets listed above. BenefitsCheckUp offers nationwide resources to help pay for health care, prescriptions, food, utilities and more.

“Every year, older adults leave $30 billion in benefits on the table that they’re eligible for but don’t enroll in. They might not think they’re eligible, or don’t know about the benefits or the application process is too complicated.” Brandy Bauer, Director of the National Council on Aging’s Health Coverage and Benefits, told RetireGuide.

“BenefitsCheckUp is a free tool that helps older adults see what federal, state and local benefits they might be eligible for depending on where they live, and which points them to the agencies where they can apply. People can also call our free helpline, 1-800-794-6559, where benefits specialists help them with the application process as well.”

Health care and drug costs are rising each year while more older adults are suffering from chronic conditions. In 2021, the National Council on Aging reported that 80% of adults 65 or older have at least one chronic condition. Their 2023 updated report shows that percentage has jumped to 95%.

The leading causes of death are heart disease, cancer, COVID-19, stroke, chronic lower respiratory diseases, Alzheimer’s disease and diabetes — which can all require costly medications and procedures.

According to Health in Aging, malnutrition is common among adults over 65, potentially causing medical problems, disabilities and hospitalization, and over 50% of older adults in hospitals or nursing homes have a poor nutrition or diet.

Connecting to resources for access to low cost or free nutritional foods is essential for your health as you age.

About 30% of extremely low-income renter householders are seniors, according to a report from the National Low-Income Housing Coalition’s 2023 report. Despite inflation starting to lower within the first several months this year, low-income renting seniors will continue to struggle to find affordable homes, according to the same report.

Luckily, there are programs to aid seniors with housing and utility costs. For example, the U.S. Department of Housing and Urban Development (HUD) awarded $15 million to help low-income older adults age in place. Their programs help fund repair and renovation costs to allow seniors to stay in their homes with increased accessibility and safety features.

Learn more about other programs to help low-income senior housing costs and utility bills.

Poverty among older adults highlights a glaring issue — Medicare and Social Security aren’t enough to keep seniors financially secure. Nearly 80% of individuals 60 or older don’t have financial stability to cover long-term care services or another financial shock, according to the National Council on Aging.

You can utilize other resources, like SSI benefits, if you earn under a specific income and number of assets. There are also free tax programs and legal resources, specifically tailored to seniors.

Legal resources can help you fight and be wary of scams. Scams targeting older adults are on the rise. A recent press release from the Federal Trade Commission found that older adults are likely to be targeted and fall victim to fraud.

Other resources, like low-cost transportation, veteran resources and mental health programs can be essential for your well-being.

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