Searching for programs or financial benefits for seniors over 65? We’ve rounded up government benefits and discounts for you to take advantage of.


There are many benefits, programs, and discounts available for seniors over the age of 65.

But, be sure to check with local and state government agencies to learn more about other opportunities that your particular state may offer in addition to the nationwide benefits.


Many of these programs offer free or reduced-cost options, such as:

Health care

Transportation services

Housing assistance

Prescription drugs

Recreational activities

Food and dining


If you’re a family member looking to find resources and programs that could benefit your loved one, there are many perks to be found in these types of programs geared toward seniors over 65.


Social Security Administration

The Social Security Administration (SSA) is a government agency that provides financial support to seniors over the age of 65.

The money comes from payroll taxes, which are withheld from every working American’s paycheck.

The Social Security Administration keeps track of each person who pays into the system.

Then, they make sure you have enough for retirement by investing your money in special securities that can be accessed through the following programs.


Medicare Savings Programs

Medicare Savings Programs are free government benefits for seniors over 65 that can help with the costs of healthcare.

To assist eligible participants, Medicare Savings Programs help those who have limited resources and incomes pay for some or all of their Medicare expenses, such as:

Medicare premiums



Note: Medicare Savings Programs may vary by state.


Social Security Retirement Insurance Benefits

Individuals who meet the following requirements may apply for Social Security Retirement Insurance benefits:

Have earned enough credits

Age 62 or above

U.S citizen or legal immigrant


Take the Benefit Eligibility Screening Tool questionnaire to find out if you are eligible for any of the Social Security benefits.


Reverse Mortgage Program

Seniors who meet the following requirements established by the Reverse Mortgage Program may receive a guaranteed monthly income payment:

Age 62 and older

Own their own home

Have substantial value in home equity


The HUD Reverse Mortgage Program’s most appealing features are that the older homeowner does not have to …

Repay any of the money they receive from the reverse mortgage; or

Make interest payments on it

… as long as they live in their home.



You can join Medicare as soon as you reach age 65.

Here is how Medicare works:

Medicare Part A provides hospital insurance that does not cost anything for most retirees.

Medicare Part B, which covers doctor’s visits and medical care, is $148.50 per month — although some beneficiaries could pay more.

Medicare Part B premiums can be taken from your Social Security payment, so you won’t get a bill.


Retirees may be eligible for the supplemental Medicare Part D, which means that their prescription costs are covered by the government.

These senior citizen benefits can help those over the age of 65 to live healthier, more financially secure lives.

Government Benefits for Seniors Over 65

Some additional government benefits for seniors over 65 are:

Social Security Disability Insurance (SSDI), a federal disability insurance program

Supplemental Security Income (SSI), a federal cash assistance program for low-income people who are age 65 or older, blind, or disabled

Veterans Health Administration (VHA), the largest integrated healthcare system in the United States of America serving veterans of military conflicts past and present as well as their families

Low-cost prescription drug programs offered by pharmacies such as Walgreens and CVS Pharmacy


Other Financial Benefits for Seniors Over 65

Many of us think that the Social Security Administration is the only way for seniors over 65 to receive financial support.

However, there are several senior citizen benefits the government is not funding.

Some of these financial benefits include:

Senior discounts

Travel deals

Tax deductions

Retirement account limits

Insurance policy conversion

Veteran-Specific Financial Assistance


Senior Discounts

You may be able to save money on your next restaurant dinner or retail purchase if you’re willing to be forthcoming about your age.

A variety of places, like …


Grocery stores

Bowling alleys

Movie theaters; and

Other entertainment facilities

… offer reduced admission fees to individuals who are over a certain age.

AARP (American Association of Retired Persons), a non-profit organization, negotiates discounts for members who can join at age 50.

Note: Senior citizen benefits and discounts are not always advertised, and in many cases, they’re only offered to those who ask about discounts and can show proof of their age.


Travel Deals

You know how expensive it can be to travel.

However, there are several ways that seniors can get great deals on their trips:

Seniors who are over a certain age or AARP members may be eligible to receive a price reduction from hotels and car rental agencies.

Some Amtrak fares are discounted by 10% for passengers aged 65 and older.

Senior citizens who are permanent residents of the United States and are 62 or older can purchase a National Park Service lifetime pass for as low as $80.

Imagine visiting the Grand Canyon, Yosemite National Park, or Yellowstone for a fraction of what you would have paid otherwise.


Tax Deductions

Seniors may claim a higher standard deduction on their taxes than younger individuals.

For every senior citizen who is 65 or older, the standard deduction could be $1,350; or

If both spouses in a married couple fulfill the age requirement, the typical deduction might be as high as $2700.


There are additional deductions for those who are older than a specific age and below a defined income level.

For example, seniors may also be eligible for deferrals on their property tax, school taxes, or both.

Retirement Account Limits

Workers aged 50 and older can contribute as much as $26,000 to a 401(k) plan and defer paying income tax on that amount, which is $6,500 more than younger employees and business owners.

The maximum amount that can be contributed to an Individual Retirement Account (IRA) is also $1,000 higher for individuals 50 and older, or $7,000 in 2021.

But there is a catch…

After age 72, you usually must withdraw funds from traditional retirement accounts and pay the resulting tax bill.

However, any amount up to $100,000 that individuals who are age 70 1/2 or older move directly from an IRA to a qualifying charity is tax-free.


Insurance Policy Conversion

If you’ve been helping your loved one go through their paperwork and come across any old life insurance policies, don’t assume they’re worthless.

In reality, their life insurance may be a valuable resource.

You may use the cash value of a life insurance policy to help pay for assisted living or long-term care costs if you convert it into a long-term care benefit.

However, surrendering or neglecting to renew a policy might result in little cash.

Some companies can buy policies at their current worth.

The funds are then:

Transferred as a deposit into an FDIC-insured account in the senior’s name.

Allocated tax-free to their care provider every month.


Every sort of life insurance coverage – from basic to term to group coverage – should work.

Therefore, it’s worth checking out this option.


Veteran-Specific Financial Assistance

The Veterans Administration (VA) program may be able to assist senior citizens if they served in the active-duty armed forces during a war.

The VA Non-Service Connected Pension program provides veterans who served in a war with a guaranteed monthly payment.

This program, called Aid and Attendance, may help pay for the costs of the eligible veterans who are elderly living in:

Their home

Nursing homes

Assisted living; or

Independent living communities


To be eligible, applicants must fulfill basic criteria for active federal service during wartime and specific financial criteria such as income and asset limitations.

Explore Educational Resources for Seniors at Senior Services of America


Are you looking for even more information about benefits for seniors 65 or older?

We’re here to help.

Our goal is to make sure that seniors have the opportunity to live their best lives possible, so we provide them with the tools necessary to do just that.

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