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How To Retire With Only Your Social Security As Your Source Of Income

How To Retire With Only Your Social Security As Your Source Of Income (Photo: The Motley Fool)

Experts warn people to not retire with only Social Security as their source of income, but if you play your cards right, you might just make it.

A retiree calculating his expenses (Photo: The Motley Fool)

Living on Social Security

You can apply for a job when you retire, but if you can’t find one, you may have your Social Security to fall back on, which is not ideal. If you are careful with how you handle it, you make might make the most out of your income from your Social Security to secure a stable retirement. For starters, you would have to list out your necessities and only have that for your expenses. Healthcare and housing are among the prime examples. If you’re done mapping your essentials, you may proceed to allocate your money to other wants like streaming services.

You should also utilize every discount available to you and you should also apply for them if you are eligible. Discounts on health care, food, transportation, and others should be used for you to save more money.

READ ALSO: New Bill: Temporary Increase In Standard Tax Deductions Up To $4,000

Staying Busy On A Tight Retirement Budget

Staying busy in retirement is paramount, but it is hard to keep yourself entertained if you are on a tight budget. If you would look for various opportunities for entertainment, you would find out that money is not that needed to keep yourself busy in your retirement days. Visiting museums or engaging in community activities in your neighborhood. Volunteering is also an ideal activity for a retiree. You might just be able to entertain yourself without spending money at all and the best part is you get to help people.

Going back to the topic of retiring with only your Social Security as your income source, it is not advisable. If you are left with that choice, you should plan and map out your essential expenses. In doing so, you might secure a decent retirement and you might just have any extra for leisure.

READ ALSO: President Biden’s Controversial Mortgage Plan Reversed By GOP Bill

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