Here are 5 tried-and-true strategies for living the retirement lifestyle you desire without a large sum of money
Social Security benefits were supposed to supplement retirement savings and pensions, not to provide seniors with their main source of income. However, an estimated 12% to 15% of seniors rely on it for 90% of their income, and if you're one of them — or simply want to stretch your retirement benefit dollars — how can you make the most of the government's safety net?
Financial advisers have long warned older Americans about relying primarily on Social Security as their major source of income. And for good reason: the program's finances are currently projected to run out in 2035, and while lawmakers are considering amendments to extend the program's existence, Social Security's monthly payout — even at the full retirement age (FRA) of 70 — remains modest.
However, by using these five tried-and-true tactics, you can stretch your Social Security benefits without jeopardizing your retirement plans.
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1. Delayed, delayed, delayed
While seniors are eligible to begin receiving Social Security benefits at the age of 62, postponing will earn you additional money each month.
If you wait until the FRA to apply for social security, you may be eligible for a delayed retirement credit of up to 8% of your yearly payments on top of the maximum benefit amount.
Don't forget to look for spousal and survivor benefits, such as present married couples collecting the lowest earner's benefits first and deferring the highest earner's benefits. The AARP Social Security Resource Center is an excellent location to begin comprehending the frequently perplexing timeframe.
2. Look for deals and freebies
Take advantage of programs intended specifically for seniors on a fixed income. GoFundMe, a crowdfunding portal, includes a thorough list of organizations that can assist with meals, medicine, home energy assistance, transportation, and even pet food. Check with your city for other local programs, such as volunteer house repair services.
Looking for something to do? Remember to request a senior discount in restaurants, motels, airlines, and movie theaters. AARP members can save money on anything from car maintenance to cell phone service.
3. Maintain your fitness now
Health-care expenditures can quickly deplete retirement funds, so taking advantage of fitness discounts to enhance your health and fight off rising prices will save you money.
Some Medicare programs, such as the SilverSneakers gym membership program, might provide you with free admission to local gyms or online fitness classes.
Importantly, seek for ways to save money on prescriptions by utilizing generic drugs whenever possible, or look into trusted online subscription drug programs to see if you can save money. Needymeds.org and other websites can help you obtain generic or brand name medications for free or at a reduced price through a patient assistance program (PAP).
4. Consider relocating
Housing is frequently the most expensive aspect of retirement for seniors. Consider relocating to a retiree-friendly state, one that offers more elder programs or does not tax social security benefits. Find one that does not tax income as heavily, such as Oregon or Delaware.
If that isn't possible, think about downsizing to a smaller house or apartment. Selling unwanted or unnecessary items online is a popular method to clear out clutter and make some additional money while preparing for your move.
5. Pay attention to your experiences
How do you deal with loneliness, sadness, and boredom in retirement? Prioritize experiences above goods. Many institutions and libraries provide free programs to seniors, and you may even take free online courses (at any age!) through sites like Coursera or Edx.
Look into local volunteer opportunities or consider returning to work part-time. However, keep in mind that more earnings may diminish your Social Security payments.
If you're just looking to remain busy, spending time with friends, going for walks, or getting a pet are all tried and true strategies to combat boredom.
#SeniorCitizen #Retirement #SocialSecurity
SOURCE: yahoo
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