According to the U.S. National Retirement Risk Index (NRRI), more than half of American households today won’t have enough retirement income to maintain their desired living standard once they reach the age of 65. The number of seniors over the age of 65 is expected to be 50 million by the year 2020. Here are five benefits that seniors of age more than 65 are entitled to.
1. Housing benefits
If your savings and assets are less than $10,000, then you will be entitled to housing benefits. You will get a government supplement equaling the difference of their basic housing cost that exceeds one-third of their household income. The compensation should be based on the average price for a one-bedroom apartment or average prices of home in cities where the seniors stay.
2. Public transportation
Every senior citizen, no matter what their disposable income is, can use the public transportation system within the Municipality they live in for free. Some of the local transportation systems receive subsidies from the State and Federal governments to provide this free service.
3. Medical benefits
Senior citizens, of age over 65, are entitled to medical benefits. It is the fundamental right of U.S. seniors to get free medical facilities.
4. Student loan
Senior citizens whose savings and assets is less than $10,000 should be forgiven their outstanding student loan in full. This helps the person to live a debt-free life.
5. Social Security taxes
The old age security should not pay tax. It is the only income many senior citizens depend on. So, any deduction from this low income is considered to be unfair.
The government should devise a plan to implement some of these benefits that are not in place yet. This will ensure a more secure life for the senior citizens of the country.