By Jordan Smith, March 10, 2026

5 Financial

The financial landscape for retirees in America is shifting dramatically, particularly as the cost of living continues to escalate. Many older adults rely primarily on Social Security for their income; however, this is increasingly insufficient to cover basic needs such as healthcare, food, housing, and utilities. As living costs rise faster than incomes, the challenge of financial stability becomes increasingly formidable for many retirees.

The Growing Challenge of Financial Strain

Recent data from the U.S. Census Bureau highlights a troubling trend: the poverty rate among Americans aged 65 and older jumped from 10.7% in 2021 to 14.1% in 2022. This statistic serves as a stark reminder that financial strain among seniors is a pressing issue, particularly in light of rising prices for everyday goods and services.

Fortunately, there are numerous public and private benefits programs designed to assist older adults in affording daily expenses. The unfortunate reality, however, is that millions of eligible seniors are unaware of these programs or the application processes, resulting in significant financial losses.

The National Council on Aging (NCOA) estimates that eligible older adults leave an astonishing $30 billion in benefits unclaimed each year.

Commonly Overlooked Benefits

Here, we explore some of the most significant missed benefits that could ease the financial burden on older adults:

• Supplemental Nutrition Assistance Program (SNAP): This program is designed to help low-income individuals afford groceries. As of 2020, the average SNAP benefit for a senior living alone was approximately $105 per month. Alarmingly, almost half of those who qualify do not enroll, which translates to around 5 million individuals missing out on vital food assistance—an estimated loss of $6.3 billion annually. Interested individuals can learn more about the application process on Social Security’s blog.
• Medicare Part D Low-Income Subsidy (LIS, or “Extra Help”): This program significantly reduces out-of-pocket medication costs, with an estimated annual value of $5,300 per recipient according to Social Security. However, around 2 million eligible seniors fail to take advantage of it, resulting in an astonishing $10.6 billion in unclaimed benefits each year. For further details, refer to Social Security’s publication, Understanding the Extra Help with Your Medicare Prescription Drug Plan.
• Medicare Savings Programs: These programs cover the monthly Part B premium—$174.70 as of 2024—for eligible individuals. According to the NCOA, as many as 2 to 3 million people are missing out on this assistance, leading to a whopping $5.94 billion in lost benefits.

Finding Out About Available Benefits

One reliable and user-friendly way to discover eligibility for these and other benefits programs is through 5 Financial. The BenefitsCheckUp® tool established by NCOA offers a free and straightforward means to gauge eligibility for over 2,000 public and private benefit programs across all 50 states and the District of Columbia. To use the service, visitors can enter confidential information while remaining anonymous and will receive an instant report highlighting the programs they may qualify for, along with next steps on how to apply.

The Importance of Financial Security

The NCOA strongly believes that every American should have the opportunity to age with financial security. Utilizing the BenefitsCheckUp® service is a proactive step toward ensuring that individuals are not missing out on valuable resources that can improve their quality of life.

It is imperative that this information reaches those who may benefit from it. By sharing knowledge about these programs, we can help combat the financial isolation that many seniors experience, particularly those feeling the pinch of a low income. A particular focus should be placed on the benefits for single persons on low income, as they may be especially vulnerable to financial hardship.

In conclusion, the financial struggle facing older adults in America is real and growing. With millions of dollars in benefits going unclaimed each year, it’s crucial for individuals and families alike to educate themselves about the available assistance programs. These programs exist to support seniors in living with dignity and less financial stress.

Please share this important information with those who may need it, ensuring that everyone has access to the resources they deserve.

Our posting of this blog does not constitute an endorsement or recommendation of any non-Social Security organization, author, or webpages.