Last Updated: September 15, 2026
Money worries do not disappear at retirement. Fixed incomes, rising healthcare costs, unexpected bills, and the constant risk of scams create real pressure for many older adults. The National Council on Aging approaches financial wellness in a straightforward way: help people claim the benefits they already qualify for, learn basic money management skills, guard against fraud, and, when needed, find ways to earn extra income later in life.
This article focuses on those practical tools and programs. You will find clear explanations of BenefitsCheckUp for cost-saving programs, scam warning signs and what to do if something feels wrong, simple budgeting ideas, the Senior Community Service Employment Program for mature workers, and other resources that can ease everyday financial stress. The goal is usefulness, not complicated advice.
Why Financial Security Matters More as We Age
People age 60 and older who live on low incomes tend to have shorter lifespans than those with higher incomes. The gap can reach several years. Benefits that cover food, prescriptions, Medicare premiums, and utilities make a measurable difference in daily life and long-term health. At the same time, older adults lose billions of dollars each year to scams. Recent FBI figures showed more than 200,000 complaints from people 60 and older with reported losses exceeding $7 billion in one recent year—an increase from the prior period.
NCOA’s work sits at the intersection of these two realities: getting money that is rightfully available and protecting the money people already have.
BenefitsCheckUp: The First Practical Step for Many
BenefitsCheckUp remains one of the most useful free tools NCOA offers. It is confidential, available in English, Spanish, and Vietnamese, and screens for more than 2,000 programs. You enter basic information about income, location, and household, and the tool returns a personalized list of possible help for food, medicine, utilities, healthcare costs, and more.
The most common matches for financial relief include:
- Medicare Savings Programs that can cover Part B premiums and sometimes more
- Extra Help that lowers prescription drug costs
- SNAP for groceries
- LIHEAP for energy bills
- Other state and local aid
Many people who complete the screening discover they qualify for several programs at once. Approval for one often opens the door to others. NCOA supports a network of Benefits Enrollment Centers—local organizations with trained counselors who can walk people through applications in person or by phone. In recent funding cycles the network has helped tens of thousands of people submit applications valued in the hundreds of millions of dollars.
Boost Your Budget Week, usually held in April, is a focused time when many local partners ramp up outreach. It is a good reminder to run the screening or update it after any change in income or household.
Guarding Against Scams and Fraud
Financial scams targeting older adults are widespread and evolving. Common types include:
- Grandparent or family emergency scams (“Your grandson is in jail and needs bail money right now”)
- Tech support scams (a pop-up or call claiming your computer is infected)
- Government imposter scams (someone pretending to be from Social Security, Medicare, or the IRS)
- Romance scams that build emotional connections online and then ask for money
- Investment or cryptocurrency schemes promising guaranteed high returns
- Medicare and health insurance fraud, including genetic testing or medical equipment schemes
The shared pattern is urgency and secrecy. Scammers want you to act fast and keep the conversation private.
NCOA offers educational materials under the Savvy Saving Seniors banner that teach recognition and prevention. Basic protective habits include:
- Never giving personal or financial information to an unexpected caller, email, or text
- Hanging up and calling back using a number you know is real
- Using strong, unique passwords and two-factor authentication where available
- Talking with a trusted family member or friend before sending money or sharing account details
- Placing a credit freeze if you are not actively applying for new credit
If you or someone you know has been targeted, report it. Useful places include the National Elder Fraud Hotline (833-FRAUD-11), the FTC at ReportFraud.ftc.gov, the FBI’s Internet Crime Complaint Center (ic3.gov), and local Adult Protective Services (findable through the Eldercare Locator at 1-800-677-1116). Reporting helps authorities track patterns and may improve the chance of recovery in some cases.
Everyday Money Management
Living on a fixed income requires attention to the basics. NCOA provides guides on budgeting, reducing debt, and stretching dollars. Simple starting points include:
- Listing all monthly income sources (Social Security, pensions, any earnings) and all regular expenses
- Separating needs from wants and looking for small cuts that add up
- Checking whether any current bills can be lowered through benefit programs or senior discounts
- Reviewing bank and credit card statements regularly for unfamiliar charges
- Keeping important documents organized and in a safe place
Some local senior centers and Area Agencies on Aging offer free or low-cost money management workshops or can refer people to nonprofit credit counseling. For those who prefer online tools, NCOA points to resources that help track spending and plan ahead.
Healthcare costs deserve special attention. Even with Medicare, premiums, deductibles, co-pays, and uncovered services can add up. Programs such as Medicare Savings Programs and Extra Help exist precisely to reduce those out-of-pocket expenses. Running BenefitsCheckUp or speaking with a counselor can surface those options.
Working Later in Life: The Senior Community Service Employment Program
Many people want or need to keep working past traditional retirement age. The Senior Community Service Employment Program (SCSEP), funded by the U.S. Department of Labor and administered in part by NCOA, serves low-income adults age 55 and older who are unemployed.
Participants receive training and are placed in community service assignments at nonprofits and public agencies. The work builds skills and confidence while providing a modest income. The goal is to move people into unsubsidized jobs. In recent program years NCOA’s SCSEP efforts have served thousands of participants who contributed millions of hours of community service and placed hundreds into regular employment.
Eligibility generally requires age 55 or older, unemployment, and family income at or below 125% of the federal poverty level. Priority often goes to those with additional barriers such as limited English, disability, rural residence, or veteran status. Local SCSEP offices can confirm current openings and requirements.
Other Useful Financial Resources
NCOA also maintains product review information to help people compare items that support aging in place, and it offers educational content on topics such as maximizing Social Security, understanding fixed-income living, and planning for unexpected expenses. Local Area Agencies on Aging remain a reliable source for in-person guidance on all of these subjects.
Quick reference: common financial pressure points and first steps
| Pressure point | First practical step | Related NCOA or partner resource |
|---|---|---|
| High Medicare or drug costs | Screen for MSP and Extra Help | BenefitsCheckUp / Benefits Enrollment Center |
| Food or utility bills | Check SNAP, LIHEAP, and local aid | BenefitsCheckUp |
| Fear of scams | Learn warning signs and reporting options | Savvy Saving Seniors materials |
| Need for extra income | Explore SCSEP or local mature worker programs | Local SCSEP office |
| General budgeting stress | List income and expenses; look for benefits | NCOA money management guides / AAA |
Putting It Together
Financial wellness in later life is rarely about one big decision. It is usually a series of smaller actions: claiming benefits that reduce monthly costs, staying alert to common fraud tactics, keeping a simple budget, and, when appropriate, finding work that fits current abilities and needs. NCOA’s tools and local partners exist to make those steps easier and less isolating.
Start with BenefitsCheckUp if cost is the main concern. Review the scam prevention tips and share them with family. If work is still part of the picture, ask about SCSEP. And use the Eldercare Locator or your local senior center when you want a person to talk with rather than a website.
The combination of free screening tools, local counseling, education on fraud, and employment support gives older adults practical ways to protect what they have and stretch it further. None of it requires perfect knowledge of finance—just a willingness to take the next useful step.
Information in this article is drawn from NCOA program descriptions, recent scam statistics, SCSEP updates, and educational materials current through 2025–2026. Rules and availability can change, so always confirm details with the official sources or a local counselor for your specific situation.
