Senior Citizens May Find It Hard To Live On Social Security Alone

Summary

Retirement on Social Security alone can be financially challenging for many senior citizens, necessitating strategies to earn or save more money to maintain a comfortable lifestyle.

Abstract

The article discusses the financial struggles faced by many retired individuals who rely solely on Social Security benefits, which may not be sufficient for a comfortable lifestyle. With the average monthly Social Security check in 2018 being $1,404, covering basic needs can be difficult, especially when faced with rising costs of living, healthcare, and housing. The article suggests that while the wealthy may not face these issues, those with limited funds should explore ways to supplement their income, such as taking advantage of senior discounts, considering reverse mortgages, and being cautious of scams. It emphasizes the importance of living within one's means, saving money where possible, and planning ahead to ensure a more secure and enjoyable retirement.

Opinions

Retirement can be enjoyable if financial concerns are addressed, suggesting that money plays a significant role in the quality of life for retirees.
Wealth is not a prerequisite for happiness, but having enough money to live comfortably is crucial for physical and mental well-being.
Seniors should be vigilant against financial scams, as they are frequent targets and may suffer greatly from financial loss.
Taking advantage of senior discounts and other cost-saving measures can help stretch retirement funds further.
It's important for seniors to have a life insurance policy to cover final expenses and avoid leaving debts for their family.
Saving money and planning for the future is advised for all ages to ensure a pleasant retirement without financial worries.

Finding ways to earn and save money can help

If retirees have enough money, they can continue to live “the good life”

Although many older people who have reached retirement age find that they have plenty of money through various means, there are millions of senior citizens who struggle financially after retiring from regular work.

If you are not one of the thousands of multi-millionaires or billionaires who are retired, you may find that a lack of money is a daily problem.

Those who are wealthy can consider themselves fortunate. If money is not an issue and you have more than you will ever need in your lifetime, you are blessed. If you saved for retirement or have a nice pension, you probably are not concerned with paying daily expenses. There is money enough to cover your basic needs and to provide a good lifestyle for you. Having enough money is beneficial for your physical and mental health.

Those who are retired and living on very limited funds are not so lucky. If you are not one of the super-wealthy and are living on social security payments, finding ways to supplement your social security may be helpful. Retirement could be more enjoyable if a little bit more money could be earned or saved.

People don’t need to be wealthy to be happy. It is a matter of living within your means which brings comfort and security. Everyone needs a certain amount of money in order to live. There are ways to save money, to supplement your income, and to enjoy life more.

According to The Motley Fool, the average social security check paid out in 2018 was $1,404 a month. That works out to $16,848 per year. That is not a lot to live on comfortably unless housing costs are covered such as for those who are living in a home where the mortgage has been paid off. Many people receive less than the average.

It is well known that retiring in today’s economy is harder than ever for seniors. The costs of healthcare, housing, utilities and even food have all skyrocketed.

Nobody wants to lose money. Seniors often do not have extra money so losing it is a real hardship. There are lots of people out there who are trying to steal your money. Seniors should be aware that scams are plentiful to attempt to cheat you out of your money. Many of the scams come from emails or phone calls. Beware and do not fall for them.

There are ways that seniors can save money. When going out to eat, go to places which give a discount. Burger King, IHOP, Subway, McDonald’s, Sonic, and Wendy’s, are some places which may give 10% off for seniors. Denny’s and Golden Corral offer discounted prices for senior citizens. There are others also, but sometimes it is necessary to ask for the discount. If you can afford to go out to fine dining at an upscale restaurant, consider yourself lucky and don’t expect a discount.

Many seniors are living in homes for which the mortgages have been paid off. They may be able to get equity out of their home if they need money. For people who require full-time care or must move to assisted living facilities, the costs for housing may go up considerably.

Retail stores often give senior discounts. Airlines may offer discounts to seniors as do many hotels. There are health-related benefits such as discounts on prescriptions for seniors. Health and beauty businesses offer some discounts to seniors. Auto service discounts are available, and groceries may be purchased at a discount for seniors. Auto insurance policies may be discounted for seniors who have good driving records.

This is not a way to save money, but it is a good idea to have a life insurance policy to help the family pay for final expenses. You should try to have savings and not leave your family with debts when you pass away.

Take care of yourself, save money, and ENJOY LIFE. If you have become a senior citizen, you deserve it. If you are not a senior citizen yet, hopefully, you will be one someday. Save now so that your later years can be more pleasant without having to worry about money.

ENJOY each day at every age and save for a rainy day or the future if possible.

[Some information was gleaned from an AARP article. Check with AARP for specific discounts and ways to save money and to feel better. www.aarp.org]