Here’s How You Can Live Off Social Security Alone

For the millions of Americans without a nice nest egg saved, the thought of retiring can be scary. In fact, two out of three people say they fear running out of money during retirement more than death.

That fear is understandable, especially with the rising costs we’ve seen in recent years. However, a Yahoo! Finance report says it is possible to live off Social Security alone if you’re willing to make a few sacrifices.

A great place to start is by downsizing to reduce housing costs. The article notes that for older Americans, housing costs account for about 25 percent of their expenses. Not only will you likely take equity out of the sale of your home, but downsizing often means cheaper property taxes and insurance costs and lower maintenance expenses. Additionally, it’s cheaper to heat and cool a smaller home.

Retirees should also learn to live within their means. The best place to start is by making a budget and limiting spending on non-essential items. One smart suggestion is to make a shopping list and stick to it to avoid impulse buys.

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.