There is no denying the fact that Social Security is the main source of retirement income for most seniors in the country today.
Data shows that social security accounts for nearly 50% of retirement income for half of the aged population in the country and nearly 90% of retirement income for 25% of the aged population.
Here are seven useful tips that can help you live well on your Social Security income during your golden years.
Pay off your debts before retirement
If you are getting closer to retirement, paying off your debts must be your topmost priority. Even if you cannot pay off your debts entirely, try to pay off your mortgage (which is most likely your largest expense) and your credit card debt.
Without the burden of debt repayments, you can stretch your Social Security income to a surprising extent and live comfortably.
Claim Social Security at full retirement age
The sooner you claim Social Security, the less you will receive in monthly payments. So, it makes sense for you to wait until you reach your full retirement age to start claiming your Social Security benefits.
You can find out your full retirement age using the calculator in at the Social Security Administration website.
Relocate to a place with a lower cost of living
If you currently live in a major city, it might be a good idea to move to a more affordable place after you retire.
Cities such as Pensacola, Myrtle Beach, Scranton, Winston-Salem, and Green Bay are preferred by many retirees due to their low cost of living. Even if you are entirely dependent on your social security income, you can still enjoy a high quality of life.
Minimize your expenses
One of the best ways to live comfortably on your social security income is to minimize your day-to-day expenses to the extent possible.
From cooking your own meals to shopping at thrift stores, cancelling unnecessary subscription services, buying unbranded items, and using public transportation whenever possible, there are many ways to cut your monthly expenses and save money.
Make use of senior citizen discounts and offers
Many restaurants, coffee shops, and retail stores across the country offer special discounts and offers for senior citizens, particularly those who have served in the military.
Make full use of these offers and save as much money as you can.
Find affordable options for entertainment
Paying for cable or streaming services may be expensive if you are dependent on your Social Security income.
Instead, you can look for alternative sources of entertainment that might not cost you any money.
You can go to a museum, attend a book reading session, enjoy open mic nights at local theaters, go to free concerts, and spend time with friends to stay busy and have fun without hurting your pocket.
Take good care of your health
As you get older, it is vital to stay physically active and take good care of your health. You can walk and bike whenever you can and do low-to-moderate intensity cardio workouts to stay fit and healthy.
Being physically fit can not only help you avoid unnecessary medical expenses, but also improve your quality of life to a great extent.