United States retirees know they can get a bigger check from Social Security if they plan their retirement well. A good Social Security retirement plan that helps maximize the checks could net a retiree $4,558 on a monthly basis.
Therefore, planning for the golden years to obtain this large benefit is critical. However, not all retirees can afford to get this large cheque. Most citizens cannot reach such a high figure. And that is why other aspects must be taken into account in order to live in the best possible way.
It is not only important to receive a large amount of money, but also to know how to manage it. For that reason, let’s take a look at some tips that will help us make our Social Security check longer during our retirement years.
Tips for stretching your Social Security check
These tips apply to retirees who collect a Social Security check, but can also be useful for any United States citizen:
- Create a monthly budget. It’s not a good idea to spend the money you have without thinking about it. Each Social Security check will come in once a month, so with that monthly money we have to pay all our bills.
- Move house. If we live in a house that is too big, moving house may be an option. If we are renting, this will save us money on the monthly payment. However, if we have bought the house we can always sell it, so we will also get some extra income to supplement our Social Security check.
- Save every month. Within your monthly budget, include a savings of 5% of your total retirement check. This percentage is ideal to cover unforeseen events and various problems.
- Rent out your garden or garage. Another element to take into account is to obtain passive income without the need to work too much. In this sense, if we have a big house, as we have commented before, it can be a business opportunity. Renting out your garden, your garage or an extra room that you don’t use can give you a little money to supplement your Social Security check.
With these tips, you’ll have a little extra cushion every month, no matter how big your Social Security check is. Remember that we should never spend more money than we earn. Faced with this situation we must rethink our economic system and household finances.