Retirement Social Security

They’re 78 and Living on Just $600 a Month - Here’s What Financial Advisors Recommend

There are many aid programs and options for retirees who are struggling to make ends meet.

By Laura Gesualdi-Gilmore

Edited by Calista Headrick

Updated Dec. 11, 2025

Recently, a post about how to assist a retired parent struggling to make ends meet was making the rounds on Reddit, with many users pitching their best advice on how to stretch your retirement dollars further.

Unfortunately, like the retiree mentioned in the post, many find themselves struggling financially as they get older, whether it be due to a lack of savings, low Social Security payments, unpaid debts, or a combination of these issues.

To assess the situation and help other retirees in a pinch, we consulted financial advisors to get their best advice on living comfortably in your golden years.

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An overview of the situation

In the original Reddit post, one user explained that their 78-year-old mother is retired and lives in a fully paid-off home in Florida. She spent decades running a home daycare and paid little into Social Security. As a result, she was only receiving a $600 Social Security check each month. She has Medicare but no supplemental coverage or drug plan, and due to limited savings, she doesn't qualify for Medicaid.

The original poster explained that she had been helping her mom financially as much as possible, giving her $500 a month. However, she could no longer spare the cash. Additionally, her mother's house has no homeowner's insurance.

After sharing some more specifics, the post asked what her mother should do to improve her financial situation. If you're in a similar situation, here is some of the best advice from the original thread and from the advisors we spoke to ourselves.

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Set boundaries when offering help

Jay Zigmont, certified financial planner (CFP) and founder of Childfree Trust, suggests that family members trying to help out a retiree be clear about how they are willing to assist.

"The first thing to do is to set boundaries on what you will and will not do to care for your parents," he explains. "For example, my wife and I have a rule that no one lives with us. We can help in other ways, but we know that having a parent living with us won't work."

The Reddit user themselves expressed that moving her mother in with her would be her last resort, so it's important to communicate openly.

Work with state/county social workers

Zigmont also suggests working with a professional known as an "aging care manager" and pitched the Aging Life Care Association as a great option. However, this may not be possible for those struggling financially.

In that case, state and county social workers can be an incredible resource and may be able to direct you and your family to programs you do qualify for.

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Meet with an estate attorney

One of the issues facing the original poster was that her mother had a small cash reserve in a savings account — about $14,000. Because of the balance, she did not qualify for Medicaid or Supplemental Security Income (SSI).

One of the most common suggestions on the Reddit thread was to set up a trust, such as a Special Needs Trust, so that the money could be moved under a trustee, no longer considered an asset, and no longer disqualify the recipient from aid programs.

An estate attorney could help outline options and set up a trust.

Look into SNAP and other programs

Each state has different aid programs and requirements, Zigmont says. For those who live in Florida, like the retiree in the original Reddit post, information on assistance programs can be found through the Florida Department of Elder Affairs. Other states likely have something similar.

"While some state programs align with Medicaid eligibility guidelines, others have different requirements," Zigmont explains. "The key is to look at programs like SNAP [Supplemental Nutrition Assistance Program] and others for assistance beyond Social Security and Medicaid."

Consult a financial planner

There are a few financial and legal professionals you may want to consider meeting with, including a certified financial planner, if possible, Zigmont says.

If you're a working adult trying to help parents plan, "you need to know what their plan is, what their capacity is, and what they expect from you," he says. A planner can help you figure it out together.

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Shop around for health care plans

The original Reddit poster noted that her mother had Medicare, but no supplemental insurance or drug coverage. Whitney Stidom, Vice President of Consumer Enablement at eHealth, suggests that family members help retirees shop around for the best plans.

"With widespread changes for many Medicare Advantage and Part D plans for 2026, this is not the year for families to sleepwalk their way through coverage decisions," she says. "Being proactive is key and can help people save time, money, and contribute to improved well-being."

Take advantage of additional coverage opportunities

Medicare Advantage plans may include supplement benefits that many people do not use — and then lose, Stidom says. Those benefits might include things like preventative care (dental cleanings, hearing tests, etc.), gym memberships, and even grocery credits.

"Taking advantage can contribute to well-being and help avoid costlier health issues in the future," she says.

Consider downsizing

Financial professionals — and many commenters on the original post — pitched downsizing as an option. Since the retiree in the post owns her home, she can always sell and relocate to an affordable area, an apartment, or a neighborhood specifically for people 55+.

The sale could cover rent, groceries, and other expenses, potentially for years to come.

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Bottom line

When it comes to retirement planning, many people make surprising financial mistakes.

If you're planning for your own retirement or helping a family member assess retirement readiness, consider taking the steps listed here, like meeting with an estate attorney, financial planner, and, if necessary, local social worker, sooner rather than later.

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