In order to have a comfortable retirement in the United States it is necessary to have good Social Security. The problem is that not many people can get this. In the event that you can’t get a high retirement benefit, you may need some tips for living month to month. If you want to retire and have no savings, try to have everything paid in before you apply for Social Security.
To find out how much you will receive in a Social Security retirement benefit, you can use a benefit calculator. Using this calculator you can get an estimate of your benefit. This number is not exact, but it is close to what you will receive each month when you retire. Regardless of how much you receive, the following tips will help you to have a good amount of money every month.
Tips for retiring comfortably without savings
In case you have no savings and your retirement is near, you can follow these tips. Thanks to them you will be able to pay your monthly bills comfortably and you will have fewer financial problems.
- Don’t have debts: this is probably the most obvious tip of all. But it’s true that if you enter retirement with debt, you could be in trouble. Social Security provides a benefit that may not be enough to pay bills and, at the same time, debts. For that reason, try to get out of debt before you retire comfortably.
- Live alone or with your partner, no one else should have a place: This is not a cruel approach, quite the contrary. If you are paying for your food, your partner’s food and your children’s food, you will be in financial trouble. Those ‘adult children’ need to emancipate themselves, so you can encourage them to do so. Otherwise, Social Security may not be enough for you.
- Look for a cheaper house: If you pay rent every month, look for a cheaper rent. If you own a home, you can sell it and buy a cheaper home to save a little money.
- Move to a cheaper state: There are states in the United States that are cheaper. You can check the prices and decide if you like the idea of living in one of them. This will make living on your Social Security much better and more comfortable.
- Live abroad: In addition to being able to live on Social Security in the United States, you can live abroad. There are many countries where you can live on Social Security alone. Ideally, find one that you like and that fits your lifestyle.
With these tips you can live comfortably in retirement without savings. These are not the only things you can do. Any possible monthly money savings is a good idea for hassle-free living. Social Security exists there to be enjoyed, so make sure you enjoy it from the moment you apply for it.