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Regardless of our timing and reasons for retiring, many of us who’ve done it are worried about finances.
And for good reason. NCOA’s research found that 80% of Americans age 60 and older don’t have the money to pay for long-term care. Further, with an average monthly Social Security benefit of $2,071, it’s difficult even to pay for daily living expenses.
“It’s a perfect storm of uncertainty right now,” said Jessica Johnston, NCOA Senior Strategist for Economic Well-Being. “Food, housing, and healthcare costs are rising. Social Security hasn’t kept pace. And we’re living longer—which adds new strain to our budgets.”
Are there ways to ease this strain? Absolutely. And financial benefits programs can be an effective place to start.
Keep reading to learn about programs that can help you pay for:
- Medicare premiums, co-pays, and deductibles
- Prescription drug costs
- Housing and utility expenses
- Grocery bills
We’ll also point you to tools and resources that explain eligibility and help you apply.
Your guide to money-saving benefits in retirement
| Retirement Savings in America: At a Glance |
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Americans age 65–74 have a median retirement savings of $200,000.1 |
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Financial planners advise saving around 8 to 10 times your pre-retirement salary before leaving the workforce.2 |
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Using the median annual income of $33,310 for Americans age 65 and older, that means between $266,480 and $333,100 savings at least. |
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An alarming 25% of older adults who’ve officially left the workforce have nothing in savings at all.3 |
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Social Security is the major source of income for most Americans age 65 and older. However, the average monthly benefit of $2,071 in 2026 only replaces about 41% of past earnings for a hypothetical worker who retired at age 67 with “medium” lifetime earnings.4 |
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During retirement, many of us spend more than we take in each year.5 |
Can I live on Social Security alone?
Everyone’s situation is unique. Still, Johnston pointed out, “for most people, trying to get by on less than half your previous income presents a real challenge without additional sources of income. We don’t recommend relying soley on Social Security if you have a choice.”
Many of us don’t, of course. Enrolling in money-saving benefits programs can provide the financial safety net we need.
Where can I find help with my expenses during retirement?
If you’re feeling stressed about money and worried about your financial stability in retirement, you might find relief in benefits programs. Many of these benefits help those of us with low incomes pay for healthcare, prescriptions, food, housing, and more.
| If you can't afford your: | Consider: | Which helps you: |
|---|---|---|
| Medicare costs | A Medicare Savings Program | Pay for premiums and out-of-pocket expenses |
| Medications | Medicare Extra Help | Pay for prescription drugs |
|
Home energy bills | LIHEAP | Pay for heating and A/C |
| Home energy bills | Weatherization Assistance | Pay for efficiency upgrades |
| Phone service | Lifeline Program | Get and use discounts on your wireless or home phone bill |
| Rent or mortgage | HUD housing assistance | Afford to live and age at home |
| Groceries | SNAP | Buy food at stores and farmers markets |
If you’re able and it makes sense for you, you might also consider supplementing your income with a part- or full-time job. There are several paths to employment for older adults, including:
- Online job boards
- Newspaper ads
- Job fairs
- Networking
NCOA’s employment tool, Job Skills CheckUp, can help you get tips on how to succeed as a mature worker. All you have to do is tell us about your goals, describe your current employment situation, and the Job Skills CheckUp will create a personalized plan to help you find job openings, build a professional network, prepare for job interviews, and more.
How do I know if I qualify for financial assistance programs?
When you click through the above links, you’ll find more detailed information about each program, its eligibility rules, and how and where to apply.
You also can use our digital tool. NCOA’s BenefitsCheckUp is a free, confidential, and easy-to-use resource that can help you uncover money-saving benefits that meet your needs.
These benefits can help you stretch your retirement dollars further and worry less. Just ask Ms. B., aged 63. Ms. B. lost her full-time job due to COVID-19 downsizing. When she went to talk to a benefits counselor at a local Benefits Enrollment Center she was desperate for help. They found out she qualified for $196 in SNAP benefits as well as $350 in LIHEAP utility assistance.
Because of this assistance, I don't have to go back to the part-time job I had," she told her benefits counselor. "These benefits have really helped me during these trying times."
Use BenefitsCheckUp for yourself or an older adult you know who needs help. Browsing for benefits takes just a few minutes, and there's no registration required.
Sources
1. Maurie Backman. I’m 61 Years Old With $200,000 Saved for Retirement. What’s My Game Plan? Yahoo! Finance. August 15, 2026. Found on the internet at https://finance.yahoo.com/news/m-61-years-old-200-171222070.html
2. Fidelity. How much do I need to retire? Found on the internet at https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
3. State of Retirement Finances: 2024 Edition, Clever. Found on the internet at https://listwithclever.com/research/retirement-statistics-2024/
4. Tamara E. Holmes. How much of my income will Social Security replace? AARP. June 15, 2026. Found on the internet at https://www.aarp.org/social-security/faq/income-replacement-rate/
5. Jack Caporal. The Average Retirement Income in 2026. The Motley Fool. July 8, 2026. Found on the internet at https://www.fool.com/research/average-retirement-income/
Get Help Paying for Food, Medicine, and More
Millions of older adults miss out on money-saving benefits simply because they don't apply. Start today by answering a few questions to see if you qualify, and learn how to get help to apply
