Five Ways to Stretch Your Social Security Benefit Payments
For millions of retirees, Social Security benefits comprise the majority of their budget. With the average monthly benefit being about $2,000, it’s understandably difficult to make ends meet. Fortunately, there are a few things you can do to stretch your Social Security dollars. A report by Finance Buzz on AOL suggests the following five ideas:
Shop store brands. Most brand-name products are also available in a generic or store brand version. It’s often just the packaging and pricing that differ. Next time you’re buying cereal or paper towels, maybe try the store brand and see if you notice the difference. If not, it could save you big bucks over time.
Shop smarter. Consider downloading apps or web extensions that apply discount codes at checkout or offer cash-back rebates for shopping. The article points out that small savings can add up when you’re living on a fixed income.
Think about transportation costs. If you live in an area with reliable public transportation, you might be able to give up your car, eliminating high insurance, gas, and maintenance costs. If you do drive, try to combine errands and trips so you don’t use as much gas and wear and tear on the car. Also, keep your eye out for lower-priced gas stations.
Stick to your shopping list. Whether you are shopping online or in a store, there is so much merchandise available today. Don’t be distracted. If you make a list of exactly what you need before you shop, you can keep within your budget.
Take advantage of your senior status. Lastly, don’t be shy. Ask stores, restaurants, and attractions you frequent if they offer a senior discount. National parks offer discounts for seniors, and movie theaters often have a senior night with reduced-price tickets.
The Seniors Trust is committed to improving the lives and 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.
