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But for many, Social Security is not enough to cover their expenses.
And some retirees are finding their monthly Social Security check to be a bit lighter than expected.
If you are about toretire or have started drawing Social Security already you might be feeling a bit squeezed.
GOBankingRates spoke with a few financial advisors to get some tips on how to handle a Social Security shortfall.
Here aretheir best tips.
Surprised With Your Low Social Security?
Youre Not Alone
Social Security is designed to pay out based on the average of your 35 highest-earning years.
But some retirees are still shocked at how low payments are compared with what they were expecting.
This can have a huge impact on retirees who are relying heavily on Social Security benefits in retirement.
You might even be able to increase the size of your monthly Social Security checks with some part-time work.
The extra income from working of course can help too.
For example, lets say you enjoy woodworking.
You could make custom cutting boards and sell them on sites like Etsy.
Or maybe you like to do landscaping or handiwork.
You could list yourself for hire on sites like Taskrabbit.
If you have extra space or a second home, consider renting it, Swad said.
However, verify you have the appropriate insurance in place to protect yourself.
You may no longer need the large home you may have needed earlier in your life, Swad said.
Consider downsizing to a smaller apartment or house.
This can reduce your rent/mortgage along with other expenses, such as maintenance, repairs, utilities, etc.
The purpose of this is to get clarity over where your money is going each month.
Ruthlessly eliminate those so you have more to do what you love.
You may also look back atpast credit cards and bank statementsto get an idea of what youre currently spending.
These programs are in place to assist those who need help paying for everyday expenses.
This can help your Social Security dollars stretch further.
Do you still need your landline phone, for instance?
Consider changing your cable TV service.
Think through what channels you actually watch.
Maybe you are paying for amore robust cable TV planthan you’re gonna wanna.
You also may want to consider streaming services such YouTube TV, which might be more affordable.
Check your insurance costs.
Perhaps you are overpaying for homeowners, renters or car insurance.
It can pay to shop around.
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