Retiring on Social Security Income only

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Category - Senior Citizen Money and Taxes

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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