5 Reasons You Shouldn’t Buy a Car When You’re Living on Social Security

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Several Social Security Cards on a US United States one hundred dollar bill $100 system of benefits for retired elderly people.

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As of right now, Social Security should replace only 40% of your pre-retirement income.

For many,retirementisnt the time to think about Social Security and Medicare coffers 10 years from now.

Heres why you should think twice aboutbuying a car when youre living on Social Security.

It might be better to prioritize paying down existing debt before taking on new financial commitments.

If the bus system is reliable, that might also be a good option.

This can create a precarious financial situation where the loss of benefits outweighs the convenience of owning a car.

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