Local Retirement Benefits You Should Know (and Use)

It’s easy to get excited about everything “out there” and forget all the local resources at your disposal. Retirees often have more programs and services available than they might realize. Not every benefit will apply to your situation, but it’s a good idea to know what’s available.

If nothing else, having a good handle on the resources in your local area might help someone else you know in need. It’s important to stay informed about resources for a successful retirement.

Why Local Benefits Matter More Than You Think

Community programs can dwindle and die because of underutilization. Unfortunately, many programs aren’t used due to a common misconception of services being intended for “someone else.” If you qualify for a beneficial program or service, you need to explore it.

Also, by using a benefit or service, you can help others who might benefit from it. There’s nothing better than first-hand experience to help you guide someone else. Regardless, don’t let these benefits go unused!

Reducing Fixed Expenses in Retirement

When it comes to reaching our financial goals, retirement or otherwise, you really only have three main levers: spend less, make more, or adjust your goals. If you’re able to take advantage of programs and services, you can help reduce your expenses. This can be especially helpful for retirees on a fixed income.

Increasing Your “Spendable” Income Without Taking More Risk

At the end of the day, only the money you get to spend matters. If you’re able to take advantage of local tax breaks or incentives, you can increase your “spendable” money. This keeps more money in your nest egg without adding risk.

Many Benefits Go Unused

By some estimates, seniors miss out on billions of dollars of unused federal aid each year. Not everyone qualifies for these programs, but it’s worth taking a look. There are many programs looking to help.

Property Tax Relief Programs

Once you cross the threshold into retirement, taxes often become one of your major expenses alongside healthcare. Even if you paid your mortgage off, you often can’t escape property taxes. Luckily, there are some programs to help alleviate some of your property tax burden.

We can’t speak for all states, but in Missouri and Kansas, where most of our clients live, programs operate very differently. You’ll need to check with your local county, city, and state government offices to find out if they offer tax relief programs. We’ll touch on Missouri and Kansas briefly so you can see what we mean.

Missouri Property Tax Credit and Freeze Programs

For Missouri property tax freeze programs, each county decides whether to participate and how to administer it. With 114 different counties in Missouri, it’s impossible to keep track of them all. Be sure to check with the local county assessor’s and collector’s offices to learn more.

Kansas Homestead and Refund Programs

On the West side of the Missouri River, Kansas operates its property tax freeze programs much differently. There are three separate programs: the Homestead Refund Program, the Safe Senior (SAFESR) Program, and the Senior or Disabled Veteran (SVR) Program. The eligibility criteria for the property tax freeze programs are somewhat restrictive, so you’ll need to check to see if you’re eligible for them.

Additionally, each county can keep overall tax collections the same each year (revenue-neutral), but many don’t.

Why This Matters for Long-Term Planning

The recent explosion in real estate prices since 2020 has caused many seniors’ property taxes to increase significantly. Over time, these higher evaluations can lead to ever higher property taxes for the same home. All while your income may stay the same or even decrease relative to inflation.

Healthcare and Prescription Cost Assistance

Healthcare is one of the most important issues retirees face, if not the single most important issue. Your access and ability to pay for quality healthcare are huge quality-of-life concerns. Be on the lookout for assistance through federal and local government programs.

Medicare Savings Programs

Although the income limits are quite low, seniors who need assistance paying for Medicare can get assistance. You’ll have to check with your state office to see if you qualify.

It’s a good idea to know about these programs even if you’re not eligible. Even if it’s not helpful to you, it may be useful to friends and family who need some assistance.

Prescription Drug Assistance

Most states offer some type of medication assistance program. These are often called State Pharmaceutical Assistance Programs (SPAPs). You can look for your state’s prescription drug programs and discount card programs here.

These often have eligibility requirements, but they vary by program.

Local Clinics and Community Health Resources

Don’t forget to check for other organizations and nonprofits in your local city and county. There are too many resources to list here, but you never know what’s available until you check.

Utility and Everyday Cost Savings

Some programs are specific to certain age groups, disabilities, or other specific qualifying needs.

Utility Assistance Programs

There are several utility assistance programs available to low-income households or senior citizens. Many local electric cooperatives and/or utility companies will have information on their website. A good place to start looking is the local United Way or the nearest Salvation Army.

Transportation and Senior Discounts

If getting to and from the doctor’s office or grocery store becomes difficult, you may be in luck. There are generally several resources available to you. Search for local transportation resources available to you.

Veteran-Specific Benefits

If you or your spouse served in the military, you might be eligible for many services, programs, and discounts. It’s always a good idea to check the National Resource Directory for benefits you may qualify for.

Local Veteran Service Organizations

If you’re not connected with a local Veteran Service Organization (VSO), it’s a good idea to check for what’s available in your area. You can search the Veterans Affairs website to check for accredited VSOs in your area. Even in rural areas, large organizations like The American Legion and Veterans of Foreign Wars typically have a post close by.

You should be aware of scams. Veterans are never required to pay to apply for or access VA benefits.

Property Tax and Housing Benefits for Veterans

Many states offer an array of tax benefits for military members and veterans. Many of these are specific to the veteran’s VA disability rating, so filing a claim for a service-connected disability should be the first step.

Why Coordination Matters

For veterans, you may need to create a “roadmap” to benefits because many benefits might qualify you for additional benefits. For instance, having a documented service-connected disability may qualify you for additional benefits. Also, you may be eligible for multiple versions of similar benefits.

If you’re not careful, you might end up with a confusing array of benefits which serve similar needs.

Start with Federal, State, and County Resources

Many local benefits depend on funding or eligibility from federal or state benefits. For instance, some prescription programs only apply if you’re already enrolled in Medicare. In other cases, SNAP eligibility might automatically qualify you for other community resources.

However, most local community organizations will help point you in the right direction.

Work with a Financial Planner or Counselor

Just because you’re in a good financial position doesn’t mean you don’t qualify for local resources. It also doesn’t mean you don’t “deserve” help either. If you qualify for a benefit, we’d encourage you to apply.

Most of the time, a financial planner or counselor in the area will have a newsletter or blog with local resource information. Even if you don’t work with them directly, these folks can be a great resource for up-to-date information and insights.

Review Annually

We recommend checking for new benefits and programs each year. It’s common for programs to be shut down or defunded, consolidated, or modified over the years. It never hurts to spend a few minutes checking for new programs.

Bringing It All Together

At the end of the day, knowing your local resources can help you build a more efficient retirement plan. More than likely, your tax dollars fund many of the programs we talked about either directly or indirectly. You may as well get some use from them if you’re eligible.

Stay informed about your local community resources and get the most out of your retirement!

This article reflects the insights and opinions of its author and is not a recommendation or endorsement of their views or services.

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