News Resources for Seniors

Report: Senior benefits going untapped

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A recent report reveals millions of senior citizens in the United States are missing out on more than $20 billion in benefits that could help them pay for heating, food and even medical costs.

The report found the main reason the elderly are missing out on these benefits is simply because they don't know that they're there. The report cites organizations that advocate for the rights of seniors.

"It is no secret that millions and millions of Americans are struggling right now, but help is just a phone call away," Sandy Markwood, chief executive of the National Association of Area Agencies on Aging, told the news source. "This campaign is about connecting those in need with the support that is right at their fingertips."

Adults can prepare themselves for old age early in life and in a financial manner by investing in an annuity. Life insurance policies typically exist to benefit the individual's loved ones after they've passed on, but the right annuity can benefit the individual in their lifetime by paying off at a later date. However, everyone without a concrete background in finance is encouraged to consult a licensed financial professional before investing in an annuity.

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