Exploring Whether Social Security Can Pay for Assisted Living At Monarch Group Homes, we understand that financial concerns are a significant factor when it comes to considering assisted living for yourself or your loved ones. Many individuals rely on Social Security benefits as a primary source of income, and it's natural to wonder whether Social Security can help cover the costs of assisted living. In this comprehensive guide, we aim to provide you with clear insights and information regarding Social Security and its potential role in financing assisted living arrangements. Understanding Social Security Benefits Social Security benefits are designed to provide financial assistance to retired individuals, disabled individuals, and the survivors of deceased workers. The benefits are typically funded through payroll taxes and can be a crucial source of income for many Americans. To determine if Social Security can help pay for assisted living, it's important to explore the different benefit programs available. 1. Retirement Benefits Retirement benefits are the most common form of Social Security benefits. Eligibility for retirement benefits is based on your work history and the number of credits earned through paying Social Security taxes. Generally, you need to have accumulated 40 credits to qualify for retirement benefits. These credits are earned by working and paying Social Security taxes throughout your career.