Financial Resources

Financing retirement and advanced age often presents an entirely different set of concerns, questions and important information for seniors and their loved ones. Many times, a person’s income will become fixed based on earned pensions and benefits, while resources may begin to decline due to use.

Seniors can face a complex array of options for financing their golden years. These can include new income options other than employment, like Social Security benefits, company pensions, annuities, retirement accounts like a 401(k) or reverse mortgages. It also often becomes more important to monitor and protect resources like savings accounts, defined benefit plans, home equity and investments.

It is important for individuals to plan for retirement in advance. Programs like Social Security and pensions were not designed to be sole sources of support and individuals should consider other options for supplementing such support. In addition, many seniors planned for significantly shorter retirements than are common now. It is likely that increases in medical technology will further increase life expectancies and the quality of life in advanced age, so individuals may need to plan for a longer retirement than originally thought.

If you are in need of financial assistance, please note that our organization cannot provide any direct help. We can assist in applying for benefits to which you are entitled, but cannot provide any money for things like rent, utilities or food.

The topics below are designed to inform individuals about various types of financial resources available to seniors. These topics are not comprehensive nor are they an endorsement of any course of action.

Aid to the Needy Disabled (AND) & Aid to the Blind (AB)

What is AND and AB? The Aid to the Needy Disabled (AND) and Aid to the Blind (AB) are programs that provide temporary cash assistance to individuals who are disabled and unable to work for 6 months or be judged blind without working capacity respectively. The purpose of these programs is to give recipients an interim income until a Supplemental ...

Colorado Old Age Pension (OAP)

The Colorado Old Age Pension program provides an income safety net to Colorado seniors. Most Colorado seniors aged 60 and older are eligible if they have monthly incomes of less than $771 (in 2016) and resources of less than $2000 ($3000 for a couple). How the payment is calculated and how to apply? Individuals who meet these requirements may receive ...

Low-Income Energy Assistance Program (LEAP)

The Colorado Low-income Energy Assistance Program (LEAP) is a federally funded state-supervised, county-administered system and is designed to assist with your winter heating costs. LEAP runs from November 1st through April 30th of every year. During this period, CGS can provide you with applications for LEAP as well as assistance filling out applications and information on where to submit your ...

Colorado Property Tax / Rent / Heat Rebate

Colorado residents who are at least 65 years old (or a surviving spouse at least 58 years of age) OR disabled for all of the applicable year and meet income requirements may be eligible for the Property Tax/Rent/Heat/Fuel Rebates. Individals may apply for the rebate for up to two years after the subject year (so individuals can apply for the ...

Payment to the Elderly and Disabled

Payment to the Elderly and Disabled Program is sponsored by the City and County of Denver and provides a partial refund of Real Estate taxes or the equivalent in rent paid by Denver residents with limited incomes who are either over 65 years of age or are totally disabled. Income for the calendar year must not exceed $15,900 for single ...

Colorado Property Tax Exemption for Seniors

Colorado seniors are eligible for a property tax exemption if they are 1) at least 65 years old on January 1 of the year in which he or she qualifies; 2) the property owner of record, and must have been the owner of record for at least ten consecutive years prior to January 1; and 3) are the primary occupant ...

Social Security

What is Social Security? Social Security is the nation’s federally funded pension plan for retirees and the disabled. The program provides a monthly payout to beneficiaries based on their work history, income and average income. Social Security is a broad term that is usually applied to retirement, survivors and disability benefits. The Social Security Administration also administers, funds or is ...

Social Security Disability Insurance (SSDI)

What is Social Security Disability Insurance? Social Security Disability Insurance (also known as SSDI) is the program through which disabled persons can receive Social Security benefits before reaching retirement age. Like retirement benefits, disability benefits are calculated based on work history, though there are exceptions for younger workers or those unable to have compiled a significant work history. NOTE:Though some ...

Supplemental Nutrition Assistance Program (SNAP or Food Stamps)

What is the Supplemental Nutrition Assistance Program? Known as SNAP, Food Assistance or more colloquially as food stamps, the Supplemental Nutrition Assistance Program provides financial assistance to eligible individuals for the purchase of approved food products. Benefits begin from the date of application for approved recipients, with benefit amounts determined by household size and income. Who is eligible for SNAP? ...

Supplemental Security Income (SSI)

What is Supplemental Security Income? Supplemental Security Income (SSI) is a means-tested program that provides a monthly stipend to individuals meeting certain criteria of age, disability or blindness. While SSI is administered by the Social Security Administration (SSA), it is NOT Social Security or Social Security Disability. Those programs in general require work history and wages. SSI has independent eligibility ...

Property Tax Deferral Program

A Colorado resident aged 65 and older (or active duty military personnel) may defer or postpone the payment of property taxes on a primary residence (owner-occupied only). For properties that are not income producing or delinquent of taxes, applicants must apply for the deferral by April 1 of every year. If approved, the state will then pay to the county ...

Weatherization

Through the Governor’s Energy Office, Colorado seniors may apply for their home to be weatherized for increased energy efficiency and savings. If approved, an energy technician will conduct an energy audit of the home to identify was to make it more energy efficient including: Energy Audit Insulation in Attics and Walls Furnace Replacement Furnace Safety Testing Refrigerator Replacement Sealing Air ...