8 Tips for Retiring Comfortably on Social Security Alone
Experts try to remind the public often that Social Security replaces just 40% of pre-retirement income. In other words, not only can you not live on it, but it was never designed for that purpose either. It’s but one pillar in an overall retirement strategy that requires investment income, pension, and/or savings. But Marilyn Lewis of MoneyTalksNews.com has eight great tips for those want to make a go at or perhaps must live only on Social Security. They are: 1. Eliminate debt before you retire; 2. Cut out-of-pocket medical costs; 3. Emancipate your adult kids; 4. Hold off claiming Social Security as long as possible; 5. Look into living where housing is cheaper; 6. Sell one car; 7. Don’t spend a dime for entertainment; 8. Get fit for free. Full piece here.
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