Stimulus Check Update: Some Adults in One City Qualify for Payment

Some seniors will be able to score an extra rebate this year if they live in Topeka, Kansas.

The money is available to those age 65 and older who own a home. The City of Topeka announced the program this month as an initiative to help older residents stay in their homes.

Initially approved in September, the rebates go into effect this year through the Administrative and Financial Services Department. While there are some similarities with Kansas' Homestead Refund Program, the Topeka rebate is entirely separate and available only to those living within the city.

"This City has lowered the mill levy for consecutive years, and the City Council is committed to working on property tax reduction for citizens," Councilman Spencer Duncan said, according to WIBW in Topeka. "Most importantly, ensuring that our most vulnerable citizens can remain in their homes without worrying about their tax bills is a priority for all of us in City Hall. This program is one more step in that direction."

The rebate, for which the city allocated $300,000 in funds, works by providing seniors a refund of their property taxes paid, depending on their property tax amount.

"This initiative helps ease the burden of property taxes, a significant expense for seniors on limited incomes," Zack Hellman, the owner of Tax Prep Tech, told Newsweek. "Programs like this are part of a trend in local governments across the country to assist senior residents with living costs, especially in maintaining homeownership."

The rebate is not available to renters as it's designed for those who own and occupy a primary home within Topeka's city limits.

You also must have lived in your home for at least five years and have a total annual household income below $37,750.

There is a time component to the rebate, however, with all money going out on a first-come, first-served basis. That means seniors shouldn't wait to apply for the extra funds.

Forms can be found at the City of Topeka website.

Hellman said similar rebates that help seniors' financial well-being could be adopted more widely across the country, so it pays to keep updated on your local government's programs.

Seniors Struggling Amid Inflation

While seniors earning Social Security saw their benefits grow this year as a result of the cost-of-living adjustment, many don't feel it's enough to cover their living expenses as a result of inflation.

The Social Security boost was 3.2 percent for this year, but that might be a disappointment to beneficiaries who saw their checks rise by 8.7 percent last year.

"The lower COLA for 2024 implies that the increase in Social Security payments might be insufficient to keep up with the escalating costs of essential goods and services," Jonathan Rosenfeld, the founder of Rosenfeld Injury Lawyers, which regularly represents seniors, told Newsweek. "Seniors could encounter financial challenges, and the anticipated relief from the COLA might be more limited than what was experienced in the previous year."

Seniors typically have higher health care and living expenses compared to the general population, which means the adjustment likely falls short.

And because a large number of Americans rely solely on Social Security as an income source in retirement, many worry about the potential implications.

"Even those who have access to other income in retirement will likely find that their 2024 COLA doesn't significantly improve their financial situation," Jake Hill, the CEO of DebtHammer Relief, told Newsweek.