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Living Off of Social Security
Social Security is a huge boon to the retired people of America. 90% of people aged 65+ collect benefits from Social Security, and these benefits make up 39% of their total income. Many people rely on Social Security as their sole source of income in retirement. Living off of Social Security is tough, but it can be done. Studies show that living expenses generally decline as a person ages, from of $61,000 per year at age 50 to $34,000 at age 75. One common tactic to stretch your Social Security further is to delay collecting benefits until you absolutely need it. By working longer and putting off collecting Social Security you are both decreasing the amount of time you are living off a fixed income and simultaneously increasing your monthly benefits fir when you do start collecting. For more information on this topic, visit this article by Selena Maranjian with The Motley Fool.