Information and Empowerment
Apply for the Age Pension The Age Pension is the main income support payment for people who have reached pension age. Learn more about applying for the Age Pension. You can also apply at a Services Australia Service Centre or phone them on 132 300 (Monday to Friday, 8am to 5pm).
Seniors who earn less than $30,000 per year are considered low income; that accounts for a full 40% of seniors. Financial help for seniors includes assistance with healthcare, housing, nutrition, and general grants. Some of the most prominent programs include Medicare and Medicaid, SNAP, and HUD public housing.
General eligibility requirements include: Must be at least 65 years of age.
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Elderly support services include:
Supplemental Nutrition Assistance Program (SNAP) for Households with an Elderly or Disabled Person. If your household income is low, you may be eligible for SNAP benefits. If you have a person in your household who is disabled or who is age 60 or older, you may be eligible for a larger SNAP allotment.
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The minimum age requirement for senior property tax exemptions is generally between the ages of 61 to 65. While many states like New York, Texas and Massachusetts require seniors be 65 or older, there are other states such as Washington where the age is only 61.
Tax credit for seniors As long as you are at least 65 years old and your income from sources other than Social Security is not high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis.
2) Pradhan Mantri Vaya Vandana Yojana (PMVVY): Thus is a 10-year product. One can invest up to ₹15 in this scheme. Interest rates are currently 7.40% p.a. Opt for the monthly payouts. One can buy this in most branches of Life Insurance Corp or online.
Senior Citizen Savings Scheme (SCSS) Not only is the rate of interest offered on this scheme comparatively higher than that of the regular savings and fixed deposit bank accounts, but you also get tax benefits up to Rs 1.5 lakh per year under Section 80C of the IT Act, 1961.