Some Retired People Are Living On Social Security Alone

It may be difficult

Retirement can be a time of fun with friends.

Although some older people who are retired may be bored and lonely, many are living a good life with friends and family. There are many fun things to occupy their days. They are enjoying life.

Money can be a major concern and problem during the retirement years. If not enough money was saved or put into retirement funds during the working years, people might be relying only on their Social Security payments to pay the bills and sustain life.

The Wall Street Journal had a story by Veronica Dagher titled: “Here’s What It’s Like to Retire on Almost Nothing but Social Security.”

Many Americans reach retirement with almost no savings. No 401(k). Few investments. And almost no income aside from a monthly Social Security check.

Roughly one in seven Social Security recipients ages 65 and older depend on their benefits for nearly all their income, according to an AARP analysis. Unable to maintain the lifestyle of their working years, they trim their already trim budgets, move into smaller homes, or rely on the kindness of relatives to get by.

Many older people are still living in their homes where they raised their children. They could be sitting on a million dollar asset which will be left to their children. Others are having to cut costs and rent a small apartment.

Social Security was intended to be a supplement for older adults who had retired from regular employment. It is said to now be under 40% of a typical worker’s income at age 65.

Older adults who have managed to end their working years with assets of $2 million to $5 million can live the good life in retirement. They do not have to change their lifestyle and downgrade. People who do not have savings and nest eggs may find it difficult to live on Social Security alone.

The average monthly Social Security check is said to be around $1,900. Those who worked with higher salaries and paid more into Social Security will be receiving more.

Social Security may not be much, but it is extremely helpful to those who do not have a lot. It helps pay the bills for many senior citizens.

Older people may be hit with surprise bills such as medical expenses. Although Medicare and supplemental insurance are valuable assets to senior citizens, there can be additional expenses associated with health issues.

Having and adhering to a budget may be essential in order to get by. Having the discipline to control spending is essential.

Even if a person is living on Social Security alone, it is important for good mental health to live an enjoyable life. Having friends and family members with whom to interact and spend time is helpful. Keeping the body and mind active are beneficial.

Having a positive mental attitude and a feeling of gratitude help make life worthwhile in the later years as well as for younger people.

Thank you for reading. Happy New Year and GOOD LUCK!