Although living in the United States with only retirement Social Security pension as a source of income is not advisable, there are many retirees who have no other option. With this in mind, it is good to know tips and tricks that can help us cope with day-to-day living with only this source of income. The first thing to do is to have a good monthly Social Security retirement check, but to do this we must plan ahead. Once we start collecting SSA checks, it is impossible to increase the amount except for the annual COLA increase. But this increase is for all users equally.
In any case, getting by on just the Social Security benefit is possible. Although we must have an average retirement benefit of $1,666 per month. Otherwise, we must be very watch out for expenses and also apply for other financial help with the Supplemental Security Income or STAMP. Knowing this, we can better control the household economy with Social Security payments. So here are several ways to live better with just the SSA payment as the only source of income.
Tips for living in retirement on Social Security alone
Everyone’s life is totally different, so these tricks may work for some Social Security retirement recipients and not for some. Always use the ones that work best for your individual situation.
- Evaluate the cost of the house. Among the overall costs that U.S. Social Security beneficiaries pay, housing is one of the most important. We’re not just talking about paying rent or a mortgage. In addition to this, you also have to take into account expenses such as insurance, electricity bills, and other expenses. Check well that these expenses are fair in your case, since you could be paying much more than necessary.
- Prepare a budget. Considering that income through Social Security is very limited, preparing a budget is the best idea. Calculate well how much money you earn and how much you have to pay per month. Allocate part of the money for each household and living expense. If you stick to your budget, you should have no problems.
- Take advantage of deals and discounts. Retirees have more free time, which makes them better able to look at all the deals in supermarkets. But watch out for buying things we don’t need. It’s good to take advantage of the deals and all the discounts, but we don’t want to lose our Social Security retirement payment with these purchases.
Since everyone is unique and has a different plan, these tricks may not be enough. Still, these are three good ways to not only control expenses but to save a good chunk of Social Security retirement money.