According to the AARP Public Policy Institute, 24 percent of those aged 65 and over have families that rely on Social Security benefits for 90 percent or more of their income. Since the average benefit is around $1,523, money can be pretty tight.
Fortunately, there are a number of steps you can take to live well on Social Security. The most critical thing may be to delay taking Social Security benefits if possible, so your monthly payment will be higher than if you immediately start benefits at age 62. The longer you wait, the more the payout. However, this won’t help current retirees.
Another important factor is where you decide to live. There are a number of nice places with a lower cost of living, and states that offer a more favorable tax climate on income, including states with no income tax at all.
Another smart thing to do is pay off as much debt as you can. If you can, eliminate a mortgage or credit card debt. That way, you’ll have more money on hand to pay for your day-to-day needs.
Council of Seniors Works To Maximize Social Security
Given the tight budget many seniors face during retirement, it’s imperative that retirees receive all money they’re entitled to as part of their Social Security benefits. That’s why here at Council of Seniors, we’re pushing Congress to pass The SAVE Benefits Act. Our politicians must make up for the Social Security cost of living adjustments (COLAs) that were too low or weren’t paid out at all. Eligible seniors would be reimbursed $581 if the bill passes.
Please sign our petition to help show greedy D.C. politicians the strong national support for this bill. With your help, we can help put hard-earned money back where it belongs – in seniors’ pockets.
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