INSIGHTi
COVID-19: Selected Financial and Social
Service Resources for Older Americans
May 28, 2020
The Coronavirus Disease 2019 (COVID-19) pandemic has caused economic distress to many older
Americans due to job loss, business closings, and financial market conditions. This Insight provides links
to selected CRS products and related resources that address some issues for older populations.
Social Security Benefits
During the COVID-19 pandemic, the Social Security Administration (SSA) is continuing to pay benefits.
Social Security offices are closed, but it is still possible to get help online and over the phone. Additional
guidance is available from the SSA Coronavirus Landing Page.
Individuals considering whether they are eligible for Social Security retirement or disability benefits on
their own earnings records or as survivors of deceased workers may consult the following resources:
SSA (Workers): Your Options: Working, Applying for Retirement, or Both?;
SSA (Workers): Benefits Planner, Retirement;
SSA (Workers): Benefits Planner, Disability;
SSA (Survivors): Benefits Planner, Survivors;
CRS Report R44948, Social Security Disability Insurance (SSDI) and Supplemental
Security Income (SSI): Eligibility, Benefits, and Financing; and
CRS Report R44670, The Social Security Retirement Age.
During the pandemic, some older Americans are returning to work as states and federal agencies recruit
retirees, while others are newly unemployed. The following resources explain the intersection of
employment status and Social Security:
SSA: Getting Benefits While Working;
SSA: FAQ: Will unemployment benefits affect my Social Security benefits? (4/27/2020);
and
CRS Insight IN11352, Social Security Retirement Earnings Test (RET): Earnings
Exemption for COVID-19-Related Work Response.
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Retirement Income
Older Americans may be eligible for some of the relief provisions in the Coronavirus Aid, Relief, and
Economic Security Act (CARES Act; P.L. 116-136). The CARES Act allows for penalty-free coronavirus-
related distributions from certain retirement accounts and suspends required minimum distributions for
2020, among other provisions.
The following resources explain these provisions:
IRS: Coronavirus-related relief for retirement plans and IRAs questions and answers;
Department of Labor (DOL)/Employee Benefits Security Administration: COVID-19
FAQs for Participants and Beneficiaries;
FINRA: CARES Act 2020: Retirement Fund Access and Student Loan Relief;
Thrift Savings Plan: Changes to Required Minimum Distributions;
CRS In Focus IF11482, Retirement and Pension Provisions in the Coronavirus Aid,
Relief, and Economic Security Act (CARES Act);
CRS In Focus IF11472, Withdrawals and Loans from Retirement Accounts for COVID-19
Expenses; and
CRS Insight IN11349, The CARES Act and Required Minimum Distributions (RMDs):
Options for Certain Individuals.
Unemployment Compensation
Older Americans experiencing unemployment may be eligible for financial assistance. Unemployment
Compensation (UC) is a joint federal-state program. UC is financed by federal taxes under the Federal
Unemployment Tax Act (FUTA) and by state payroll taxes under the State Unemployment Tax Acts
(SUTA). To receive any benefit, individuals must first apply for UC in the state where they most recently
worked.
FUTA requires that states “reduce the weekly benefit amount of any individual by the amount, allocated
weekly, of any ‘governmental or other pension, retirement or retired pay, annuity, or any other similar
periodic payment which is based on the previous work of such individual….’” In addition, states may
reduce unemployment benefits to workers receiving Social Security payments or Social Security
Disability Insurance payments. Social Security retirement and disability benefits are never reduced due to
unemployment compensation.
The CARES Act extended unemployment insurance (UI) benefits through several provisions.
Pandemic Emergency Unemployment Compensation extended benefits by 13 weeks.
Pandemic Federal Emergency Unemployment Compensation provided an additional $600
weekly.
Pandemic Unemployment Assistance extended benefits to individuals not previously
eligible (self-employed and independent contractors).
Resources providing additional guidance include the following:
DOL: Links to State Unemployment Offices;
DOL: FAQ On Unemployment Insurance Relief During COVID-19 Outbreak;
CRS In Focus IF11475, Unemployment Insurance Provisions in the CARES Act; and
CRS Report R45478, Unemployment Insurance: Legislative Issues in the 116th Congress.
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Social Services Support
The Administration for Community Living (ACL) administers grants to states to support a range of social
services and programs for individuals aged 60 years and older, among other activities. These include
supportive services (such as personal care and chore services and rides to medical appointments), home-
delivered nutrition (sometimes informally referred to as “Meals on Wheels”), and family caregiver
support. The Older Americans Act (OAA) authorizes these ACL grant programs. Congress has provided
ACL supplemental funding under the OAA in response to the COVID-19 pandemic. For more
information, see
CRS Report R43414, Older Americans Act: Overview and Funding, and
CRS Insight IN11266, Senior Nutrition Programs’ Response to COVID-19.
Constituents interested in OAA services and programs should contact their local Area Agencies on Aging
(AAAs), which oversee the delivery of most OAA services and other community-based long-term
services and supports to older individuals. Constituents can find their AAAs through the Eldercare
Locator, at https://eldercare.acl.gov, or call 1-800-677-1116. The Eldercare Locator is an information and
referral service that connects older persons and caregivers with local resources, benefits, and services,
including OAA programs.
ACL also funds resource centers that assist with financial issues.
Benefits Check-Up (1-800-794-6559) helps older persons identify benefits for which they
may be eligible (see COVID-19 Frequently Asked Questions).
Benefits Enrollment Centers help Medicare beneficiaries identify and apply for other
programs they may be eligible for, including Medicaid.
National Pension Assistance Resource Center helps constituents with their pension-
related questions and problems.
National Resource Center on Women and Retirement produces consumer guides and fact
sheets on retirement planning and other financial topics.
Aging and Disability Resource Centers provide personalized assistance with planning for
and accessing long-term services and supports.
Frauds and Scams
Several federal agencies have provided guidance relevant for older Americans who may be targeted by
scams. The Social Security Administration has compiled information on how to Protect Yourself from
Scams. The ACL has gathered information on “Protecting Personal Finances” on their Coronavirus
Disease 2019 (COVID-19) webpage. In addition, CRS Insight IN11359, COVID-19: Financial Relief and
Assistance Resources for Consumers includes a “Frauds and Scams” section.
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Author Information
Tamar B. Breslauer
Abigail R. Overbay
Research Librarian
Senior Research Librarian
Angela Napili
Senior Research Librarian
Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan shared staff
to congressional committees and Members of Congress. It operates solely at the behest of and under the direction of
Congress. Information in a CRS Report should not be relied upon for purposes other than public understanding of
information that has been provided by CRS to Members of Congress in connection with CRS’s institutional role.
CRS Reports, as a work of the United States Government, are not subject to copyright protection in the United
States. Any CRS Report may be reproduced and distributed in its entirety without permission from CRS. However,
as a CRS Report may include copyrighted images or material from a third party, you may need to obtain the
permission of the copyright holder if you wish to copy or otherwise use copyrighted material.
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