Living in the United States collecting only Social Security can sometimes be difficult. The COLA occurs only once a year, so the ratio between inflation and the increase in retirement benefits is not real. Every month, prices go up and up and up until they reach unsuspected limits. For that reason, every dollar is important. If you want to stretch your Social Security as far as possible, you can follow the tips below. However, each person is unique and has his or her own tricks, but these general tips can benefit most pensioners.
Remember that these are only tips and not obligations. You don’t have to do them all. You may find that to get through the month with just your Social Security you need to simply follow one of the tips. It is also good to keep track of the date of both your SSI and retirement or disability benefit payments. If we keep track of the dates it is very possible that our money will last longer and we will be able to do more things.
Tips for Stretching Social Security Payments
These tips are also applicable to people who do not collect Social Security, so if you are a worker you can also apply them to your economy:
- Live in a place that matches your income: there are many inexpensive places to live in the United States. If you live in a very expensive place, consider moving to a cheaper area. This applies only if you spend a large part of your Social Security on rent. If you have a purchased home or your rent is low, then it is better to stay in that place.
- Prepare a budget: Divide your Social Security benefit into different goals. Set aside part of the money for food, part for transportation, part for rent, etc. Never spend part of the rent budget on transportation and vice versa. As the months go by, you can change the budget to suit your needs.
- Do not spend too much on shopping: Try to save as much as possible with supermarket offers. Also, if you need clothes, try to look for value for money. It is not always a good idea to spend less than your Social Security on poor quality clothes, as they will break down sooner and you will have to buy more.
- Check whether you are entitled to supplementary payments: There is Supplemental Security Income. With this benefit, the Social Security Administration sends money every month to the neediest pensioners. Check if you are entitled to this benefit, as it can be a great benefit in your day-to-day life.
