4 Bills You Can Get Assistance With Paying When You Retire

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They’re commonly called our golden years for a reason. Retirement has its perks, with newfound freedom and time to engage in hobbies, pursue passions and hang out with loved ones. However, many retirees no longer have the kind of disposable income they may have had during their working years.

Retirement can bring about financial challenges, as retirees are faced with paying the same bills they’ve always had — but on a newly limited or fixed income. If you or a loved one has recently retired or will soon enter retirement, you might have questions about the financial assistance that may be available.

Keep reading for a look at four major expenses you can get help with after retirement, from essentials like food and energy to rent and medical bills.

Also, here how much you’d need to retire in your state.

Energy Costs: How To Get Assistance With Your Utility Bills

Let’s start with keeping the lights on. Utility costs include electricity, heat, water and sewer services that you pay for each month. 

A third of all American households spend as much as $300 a month just on utility bills. That’s almost $4,000 a year. Factor in other costs, like natural gas for cooking, and you’re looking at a sizable chunk of change.

There’s good news for retirees: One of the main resources for seniors to call on is the Low Income Home Energy Assistance Program. LIHEAP provides financial assistance to eligible low-income households to help them manage their energy costs. To qualify for LIHEAP, your household income must fall below specific limits set by your state, which are also often determined by the number of people living in your home. 

Though LIHEAP doesn’t typically cover the cost of water and sewage bills, some assistance may be possible under special circumstances. For more information or questions about eligibility, get in touch with your local LIHEAP office.

Rent: How To Get Help Paying Rent After Retirement

Housing costs, especially rent, can also be a heavy load after retirement. According to a recent study by the Joint Center for Housing Studies of Harvard University, nearly half of renters aged 65 or older spend 30% of their income on rent. That’s nearly a third of whatever income you have post-retirement gone by the first of the month, and rents are increasing almost everywhere in the country.

Seniors and others with lower incomes can turn to resources like the Housing Choice Voucher Program. More commonly known as Section 8, this federal rent assistance program is designed to provide rental assistance to eligible low-income families, the elderly and the disabled so they can afford safe and suitable housing.

Your eligibility for Section 8 depends on your total annual gross income and the size of your family. Though guidelines can vary, a good rule of thumb is that your family’s income should be at or below the median income for the county or metropolitan area where you live. 

Medical Bills: How To Get Assistance With Medical Expenses

As we get older, we tend to need more medical care to stay healthy and active. That care can be expensive, and medical bills are a major source of worry for many seniors. Medical costs, including premiums, deductibles, co-pays and prescription medications, can quickly add up, but there are resources out there to help you cover the high costs of healthcare.

Medicare is a federal program that provides health coverage for those who are 65 or older and those with certain disabilities. For more extensive coverage, you may also consider Medicare Savings Programs. There are four types of MSPs, each with its own specific function and eligibility requirements. As with most assistance programs, your income and available resources must be below specific limits in order for you to qualify.

Grocery Bills: How To Get Assistance With Food and Nutrition

Proper nutrition is important at every stage of life, and it can be especially important for retirees who want to enjoy every moment. Grocery bills can be surprisingly expensive, especially when you factor in the cost of fresh produce over canned or prepared foods.

To help seniors, low-income individuals and families, there’s the Supplemental Nutrition Assistance Program. SNAP provides eligible people with benefits that can be used to purchase eligible food items in grocery stores and other locations that accept SNAP funds (in some places, your local farmer’s market may even accept your SNAP benefits).

Understanding the eligibility requirements for SNAP can be challenging, as they vary from state to state and are based on factors like income, available assets and household size. For more information about SNAP benefits and questions about their availability, contact your local SNAP office. 

Financial Assistance After Retirement

Most working Americans look forward to retirement and the extra time it provides to pursue their interests, travel and relax without the worries of having to punch the clock or answer to a boss. While there’s plenty to love about being past retirement age, it can bring financial uncertainties.

Fortunately, there are numerous options for assistance with necessities like food, housing and healthcare so you can spend more of your retirement funds on leisure and the little luxuries you would otherwise have to do without. Whether it’s utility bills, rent or medical expenses you’re worried about, there may be a program specifically designed to help people just like you. These are all programs that your tax dollars have helped fund for your entire working life, so don’t consider them an unearned handout — and don’t hesitate to ask for the help you need (and deserve).

Retirement is an era to savor your free time, newfound hobbies and family, without the stress of financial hardship. Be proactive, reach out for more information on the programs that interest you and take advantage of the assistance that’s available to you to make sure your retirement years are comfortable and tranquil. You’ve earned it.

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