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About 72 million Americans receive Social Security benefits.
All of this is to say that Social Security is a primary source of income for manyretirees.
But the program was designed to supplement ones retirement income, not account for it in its entirety.
Benefits arent always enough to cover even essential expenses, much less optional or nonessential ones.
Also, here are seven ways boomers are spending their Social Security checks.
Medical Care
The United States has the highest healthcare costs in the world.
Older individuals tend to have higher costs, however.
This is a major concern for many retirees, especially those with limited sources of income.
Its not just basic medical people have to worry about.
For some, this lack of coverage puts these things out of reach.
Domestic trips cost much less at about $581 for four nights.
These figures includetransportation, lodging, food, and entertainment.
The average Social Security paycheck is $1,918 as of June.
Thats $23,016 a year.
Car Maintenance
Owning a vehicle already can be expensive, especially for those with an auto loan.
CarInsurance.orgput the average estimated cost of yearly maintenance at $1,200 to $1,800.
Annual repairs for things like battery changes or new tires costs about $500 on average.
There are some ways to offset these costs, of course.
One is to get a reliable vehicle thats known for requiring very little in the way ofmaintenance or repairs.
Another is to drive locally or infrequently so as to keep the wear and tear down.
Auto insurance costs range depending on factors like coverage, location and the age and condition of the vehicle.
Its possible to spend hundreds of dollars a year on this.
Examples of these might include car repair insurance or long-term care insurance.
Another option is to speak with a financial professional, but many professionals will charge fees for their services.
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