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Thats simply not true.
In reality, you might be able to survive on Social Security alone if you have a minimalist lifestyle.
TheSocial Security Administration(SSA) estimated that the average retirement benefit was $1,976 in January.
Most people consider this amount too little.
However, a minimalist mindset and some strategies can allow for this budget with a decent quality of life.
Some of these strategies include phasing out unnecessary expenses and prioritizing affordable options.
Next, find out thebest places to live on only a Social Security check.
Decluttering and Simplifying Possessions
Declutter your closets and storage, and keep only the possessions you need.
Over the years you have worked, you have probably bought a lot of things.
Avoiding Impulse Purchases
Remember that impulse purchases are also the enemy of decluttering.
You cannot declutter and still make impulse purchases, because they drain your Social Security funds unnecessarily.
Replace impulse purchases with a simple approach called one-in-one-out.
When buying something, ensure it replaces another item, which you should sell or donate.
After all, there is no benefit in keeping too many items that you do not use or need.
Housing: Keep It Simple and Affordable
The second thing is to seek affordable housing.
Many people, after retirement, cannot pay rent or a mortgage because it is simply too much.
One solution that may help is downsizing.
When you retire, youll likely have fewer members in your household.
There are also alternative housing arrangements you might try, like living in an RV.
Why would you want to keep paying taxes for a large house with more rooms than you need?
Budgeting: Making Every Dollar Count
Budgetingis not just about listing what you must pay for.
Budgeting is also a form of preparedness.
And, if you dont budget, your money can go faster than you think.
You will also have to prioritize cooking at home, as it is more affordable than eating out.
It may be practical to get rid of your car and use the money on other necessities.
This is because car ownership comes with many expenses.
you might avoid these unnecessary expenses like fuel, maintenance and insurance.
If you do need a car to get around, consider downsizing to a cheaper but still reliable model.
you could also be healthier by biking and walking more.
Living a healthy life lowers healthcare expenses.
But, even then, realistically, you will have health problems in your old age.
So, you must utilize all the benefits that come with Medicare.
Ensure you’re free to access all necessary medical services at the lowest possible cost.
And always compare the prices of different prescriptions in different pharmacies.
Some pharmacies, likeCost Plus Drugsby Mark Cuban, may offer better prices.
Many communities offer free local events.
You just have to know where your money is going and be conscious about it.
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