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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by The average Social Security retirement benefit alone often isn\u2019t enough to cover the full cost of living for many older Americans. <\/p>\n As of February 2026, the average monthly benefit<\/a> for retired workers was about $2,076, according to the Social Security Administration (SSA)<\/a>, or just under $25,000 per year.\u00a0<\/p>\n While it\u2019s low, it could mean those living on Social Security alone could qualify for financial assistance<\/a>.<\/p>\n Supplemental Security Income<\/p>\n If you rely on Social Security, you may also qualify for Supplemental Security Income (SSI), a program that provides monthly benefits to those with disabilities and older adults who have little or no income or resources<\/a>.<\/p>\n<\/p>\n In 2026, the maximum monthly SSI benefit is $994 for eligible individuals and $1,491 for eligible couples, SSA<\/a> reported. The agency generally expects monthly earnings to stay below about $2,073 for individuals, though the exact amount can vary.<\/p>\n Supplemental Nutrition Assistance Program<\/p>\n The Supplemental Nutrition Assistance Program<\/a>, or SNAP, provides monthly benefits to low-income households to spend on nutritious food.\u00a0<\/p>\n SNAP income and resource limits are updated annually, and individual states determine eligibility. To qualify, gross monthly income must be at or below 130% of the federal poverty level (FPL). According to the National Council on Aging (NCOA)<\/a>, as many as three out of five qualifying older adults aren\u2019t enrolled in SNAP, or about five million people.<\/p>\n Medicare Savings Programs<\/p>\n Medicare Savings Programs (MSPs) are state-run programs that help cover Medicare premiums<\/a>, deductibles, coinsurance and copayments for those with limited income and resources.<\/p>\n According to NCOA<\/a>, you must have at least Medicare Part A and meet your state\u2019s income and asset limits to qualify. There are also four different MSPs, with varying monthly income and asset limits.\u00a0<\/p>\n Certain Tax Credits and Deductions<\/p>\n There are also tax credits and deductions<\/a> that can help reduce the amount retirees owe in taxes or lower their overall taxable income. Here are some examples:<\/p>\n $6,000 senior deduction: Eligible taxpayers age 65 or older can deduct up to $6,000, or $12,000 for married couples filing jointly, from taxable income.![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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\nCredit for the elderly or disabled: Some retirees may qualify for the credit for the elderly or the disabled if their income falls below certain thresholds. According to the IRS<\/a>, the credit ranges between $3,750 and $7,500.
\nMedical expense deduction: Retirees who itemize deductions may be able to deduct qualified medical expenses that exceed 7.5% of adjusted gross income, according to the IRS<\/a>. This can include certain healthcare costs, prescriptions and long-term care expenses.
\nProperty tax relief programs: Many states offer property tax credits, exemptions or circuit breaker programs that reduce property taxes for older homeowners with limited income. According to AARP Foundation<\/a>, over nine million Americans are eligible for property tax relief, but most do not receive it.<\/p>\n