Retiring on Social Security Income only
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For millions of Americans, Social Security Income will be the only source of retirement Income. About 31% have no savings or other retirement income like pensions.
The average social security check today is about $1400 today which is not sufficient to cover all expenses in retirement. Here are some ideas to stretch your social security income
- If this is your only source of income, you may want to work longer to add to your savings and paying off all debt.
- It is advisable to pay off mortgage and any other debt before retirement.
- Consider house sharing to reduce mortgage or rental expenses. Downsize if you live in a large house and all your children have moved out.
- Health expenses outside of medicare are a significant expense in retirement. Take care of your health.
- Consider relocating to a low cost of living place
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