With inflation now hitting 8.5 percent, seniors with fixed or low income need extra financial help. The Congressional Research Service estimates 8.9 percent of seniors are below the poverty level. The average monthly Social Security benefit is $1,657, which translates to just under $20,000 annually.
There are a number of federal programs that can help seniors now that their dollars aren’t going as far as they used to. Electricity prices have jumped 9 percent in the past year, so seniors eligible for the Low Income Home Energy Assistance Program (LIHEAP) can get a break on heating and cooling costs.
Senior citizens may be eligible for special tax credits from the Internal Revenue Service. The Earned Income Tax Credit (EITC) depends on your Adjusted Gross Income (AGI) while the Credit for Elderly or Disabled is for those age 65 and older, or those who are permanently or totally disabled.
Other programs that can help are the Supplemental Nutrition Assistance Program (SNAP) and The Emergency Food Assistance Program (TEFAP).
Council of Seniors Works to Get You More Resources
More income will help fight the effects of inflation. That’s why here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. Inadequate Social Security cost-of-living adjustments (COLAs) in some recent years make this bill a necessity. If it passes, seniors will be reimbursed the $581 that should have been included.
Signing our petition right now is the best step you can take to start helping.
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