FINANCE
Think you might be eligible for government benefits you aren’t receiving? Use this free tool to verify your eligibity
The Social Security Administration advises seniors to confirm that they are not eligible for other benefit programs as poverty rises among them.
Ramsey Alwin, President and CEO of the National Council on Aging (NCOA), has cross-posted a blog on the Social Security Administration’s (SSA) website to inform seniors about other government benefit programs they might be eligible for. This comes at a time when more seniors are slipping into poverty, with the US Census Bureau reporting a rise from 10.7 percent in 2021 to 14.1 percent in 2022.
Be sure to check out this tool
The SSA strongly encourages seniors to use the NCOA’s Benefits Checkup tool to evaluate their eligibility for other federal benefit schemes. This tool is a game-changer, potentially revealing additional benefit programs you might qualify for, such as the Supplemental Nutrition Assistance or Security Income programs. It’s disheartening to learn that many seniors are missing out on $30 billion in benefits annually due to a lack of awareness or knowledge about these programs. The Benefits Checkup tool is your key to unlocking these benefits. It’s designed to walk you through the application process, connecting you with the necessary contacts and resources to help you claim these benefits. It’s a tool that can empower you to secure the benefits you rightfully deserve.
What we know so far about the 2025 COLA
It’s crucial to understand that the annual Cost-of-living adjustment (COLA) applied to benefits in January is a measure to prevent significant decreases in purchasing power. However, it’s important to be aware that during periods of high inflation, these annual adjustments may not be enough. In such situations, beneficiaries may find themselves waiting too long for a boost in their income, and their quality of life can diminish quickly if they cannot supplement their income from other sources besides Social Security. This is not just a concern, it’s a call to action that all seniors should be aware of.
Unless prices start to decline, Social Security beneficiaries and all those who receive payments from the SSA could potentially see a 2.6 percent increase in their checks next year if current inflationary patterns persist. This would be 0.6 percentage points lower than the 2024 COLA, marking the lowest COLA in five years. Seniors need to be aware of this so that they can better and more effectively manage their finances.