Senior & Retirement Benefits: What You Need to Know

Senior and retirement benefits are packed with ways to make life easier, more affordable, and more fun. From senior discounts to programs that help with your health and money, knowing what's out there can make all the difference.

In this article, we'll take you through some of the most popular benefits for seniors and retirees. We'll answer common questions and cover everything from government programs and financial help to ways to save money. We'll also highlight major changes from the past year or two, since several rules have changed.

By the end, you'll feel ready to make the most of these resources and make your retirement as stress-free as possible.

To learn more about the benefits available to you and your family, sign up for BenefitKarma today!

Key Summary: Senior Benefits at a Glance

The biggest benefits for seniors are Social Security, Medicare, and, for people with low income, SSI, Medicaid, and SNAP. A new tax deduction gives people 65 and older up to $6,000 more through 2028. Amounts below are for 2026.

What government benefits are available to seniors?

First, you'll want to know about the biggest government programs for seniors:

• Social Security Retirement Benefits: A monthly payment based on your work history. You can start as early as age 62, but your check will be smaller. For anyone born in 1960 or later, full retirement age is 67. If you wait past that, up to age 70, your check grows even more. Payments went up 2.8% in 2026. (Note: SSDI is a different Social Security program for people who can't work because of a disability. If you get SSDI, it switches to retirement benefits automatically at full retirement age.)
• Medicare: Federal health insurance for people 65 and older, and for some younger people with disabilities. Part A covers hospital stays, Part B covers doctor visits and outpatient care, and Part D covers prescription drugs. Medicare Advantage (Part C) is a private plan that bundles these together. In 2026, the standard Part B premium is $202.90 a month. Part D also now has a yearly cap on what you pay for covered drugs, which is $2,100 in 2026.
• Supplemental Security Income (SSI): A monthly payment for people 65 and older, or people who are blind or disabled, who have very little income and savings. In 2026, the most you can get from the federal government is $994 a month for one person or $1,491 for a couple. Some states add more.

Are there financial assistance programs for low-income seniors?

Yes! Seniors with limited income can get extra help with health care, housing, food, and bills:

• Medicaid: Health coverage for people with low income. It can pay for things Medicare doesn't, like long-term nursing home care. Many seniors have both.
• Help Paying Medicare Costs: Medicare Savings Programs can pay your Part B premium, and sometimes more. Extra Help (also called the Low-Income Subsidy) lowers what you pay for Part D prescription drugs. Your state Medicaid office or Social Security can help you apply.
• Housing Help: HUD's Section 202 program offers affordable apartments for low-income seniors, often with support services on-site.
• Supplemental Nutrition Assistance Program (SNAP): Money each month on a card to help buy groceries. If you're 60 or older, you can subtract medical costs over $35 a month from your income, which can raise your benefit.
• Energy Assistance: The Low-Income Home Energy Assistance Program (LIHEAP) helps pay heating and cooling bills. It was fully funded for 2026, but its future funding is still being debated, so apply early in the season.

Big change for people ages 55 to 64: A 2025 law (the One Big Beautiful Bill Act) expanded SNAP work rules. Since early 2026, many adults up to age 64 without dependents must work, volunteer, or be in training at least 80 hours a month to keep SNAP for more than 3 months in 3 years. Before, this rule stopped at age 54. Check with your state SNAP office.

What about tax benefits for seniors?

Yes, there are some important tax breaks for seniors. Here are the main ones:

• New Senior Deduction: A 2025 law added an extra deduction of up to $6,000 for each person 65 or older (up to $12,000 for a married couple who are both 65+). It applies to tax years 2025 through 2028. You get it whether or not you itemize. It starts to shrink if your income is over $75,000 (or $150,000 for married couples filing together).
• Bigger Standard Deduction: If you're 65 or older, you also get an extra amount added to your regular standard deduction.
• Credit for the Senior Citizens or Disabled: A tax credit for people 65 or older, or people who retired because of a permanent disability. The income limits are low, so it mostly helps people with very small incomes.
• Medical Expense Deduction: If you itemize, you can deduct medical costs above 7.5% of your adjusted gross income.
• Property Tax Breaks: Many states and towns lower or freeze property taxes for seniors. Check with your local tax office.

Good to know: Part of your Social Security may be taxed if you have other income. It depends on your total income.

For free tax help, look for the IRS Tax Counseling for the Elderly (TCE) or VITA programs near you. IRS Publication 554, Tax Guide for Seniors, also explains these rules.

What retirement benefits are available to seniors?

When it comes to saving for retirement, there are several options to help you stay financially secure after you stop working:

• 401(k) Plans: A retirement account offered through your job. You put part of each paycheck in, and many employers add matching money.
• IRAs (Individual Retirement Accounts): A retirement account you open on your own. With a Roth IRA, you pay taxes now, but your money can grow and come out tax-free later.
• Pension Plans: While not as common today, some seniors get a pension. It pays a monthly check after you retire, based on your years of work with certain employers, like the government or some large companies.

Good to know: Starting in 2026, if you earned more than $150,000 last year, any extra "catch-up" money you put in your 401(k) must go into a Roth account.

Required Minimum Distributions (RMDs)

If you saved in a tax-deferred account like a traditional 401(k) or traditional IRA, you'll eventually have to start taking money out each year. These are called required minimum distributions, or RMDs. They make sure the government collects taxes on money you never paid tax on when you put it in.

The age you must start depends on when you were born:

• Born 1951 to 1959: Start at age 73.
• Born 1960 or later: Start at age 75.

You can wait until April 1 of the year after you reach your RMD age to take your first one. After that, the deadline is December 31 each year. If you're still working, you may be able to wait to take RMDs from your current employer's 401(k) until you retire.

What VA benefits are available for seniors?

Veterans and their families can get many benefits from the Department of Veterans Affairs (VA) that are especially helpful in retirement:

• VA Health Care: Senior veterans can get health care through the VA, including checkups, specialty care, and help with long-term care. Under the PACT Act, many more veterans exposed to toxins during service can now enroll. VA health care can work alongside Medicare.
• VA Pension: A monthly payment for wartime veterans with low income who are 65 or older, or permanently and totally disabled. For 2026, the yearly maximum for a veteran with no dependents is $17,441. The VA pays the difference between that amount and your countable income. Surviving spouses may qualify for a Survivors Pension.
• Aid and Attendance and Housebound Benefits: Extra money added to a VA pension for veterans and surviving spouses who need help with daily tasks like bathing, dressing, or taking medicine, or who can't leave home.
• Veteran-Directed Care: A VA program that gives you a budget to hire and manage your own caregivers, like a family member or friend. You get more control over your care.
• Housing Grants: Veterans with certain severe service-connected disabilities can get grants of up to $126,526 (in fiscal year 2026) to make their homes safer and easier to get around in.

These VA benefits can help seniors live more comfortably and on their own terms.

What about senior discounts?

Many businesses offer discounts just for seniors. These perks can help stretch your retirement dollars:

• Retail and Groceries: Some stores offer a percent off on certain days. For example, Kohl's has offered 15% off on Wednesdays for shoppers 60 and older, and Ross has offered 10% off on Tuesdays for shoppers 55 and older. Some local grocery stores have senior days too.
• Restaurants: Chains like IHOP and Denny's have menus for guests 55 and older, and many local diners offer discounts.
• National Parks: U.S. citizens and permanent residents 62 and older can buy an America the Beautiful Senior Pass. It's $80 for life or $20 a year, and gets you into more than 2,000 federal recreation sites.
• Travel and Entertainment: Some hotels, movie theaters, and attractions offer lower prices for seniors. Most major airlines have ended their senior fares, so compare prices before you book.
• Membership Programs: Groups like AARP and AAA offer members discounts on everything from dining to car rentals.

Tip: Discounts change often and can differ from store to store. Always ask at checkout, and bring a photo ID.

What other benefits help seniors thrive?

There are plenty of resources to help seniors enjoy a full and comfortable life:

• Home-Delivered Meals: Programs like Meals on Wheels bring healthy meals right to seniors' homes, along with a friendly check-in. Many are paid for in part by the federal Older Americans Act. Group meals at senior centers are another option.
• Community Programs: Many senior centers offer no-cost or inexpensive health screenings, social events, exercise classes, and other activities to help seniors stay active and connected.
• Help With Phone and Internet: The Affordable Connectivity Program (ACP) ended in June 2024 when it ran out of money. But the FCC's Lifeline program still lowers monthly phone or internet bills by up to $9.25 for people with low income or who get benefits like SNAP, Medicaid, SSI, or a VA pension. Some internet companies also offer their own low-cost plans.
• Transportation Help: Many local groups and government programs offer free or low-cost rides to doctor visits, grocery stores, and other places seniors need to go. Some Medicaid and Medicare Advantage plans also cover rides to medical visits.
• Free Medicare Counseling: Every state has a State Health Insurance Assistance Program (SHIP). Trained counselors can help you compare Medicare plans for free.

To find these services near you, call the Eldercare Locator at 800-677-1116. It will connect you with your local Area Agency on Aging.

Not sure what you qualify for?

There's a lot of help out there for seniors, but figuring out what fits you can feel overwhelming. Here are a few tips to make it easier:

• Start With Social Security and Medicare: Visit SSA.gov and Medicare.gov, or call Social Security at 800-772-1213 and Medicare at 800-633-4227.
• Look for Help Paying Medicare Costs: Many seniors qualify for Extra Help or a Medicare Savings Program and don't know it. Your SHIP counselor can check for you.
• Find Local Services: The Eldercare Locator (800-677-1116) can connect you with meals, rides, and in-home help near you.
• Veterans: Call the VA at 800-827-1000, or get free help from a Veterans Service Organization (VSO).

Amounts and rules can change each year, so check official .gov websites for the latest details. To learn more about all the benefits available to you and your family, sign up now for BenefitKarma!