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Living on Social Security–It Can Be a Challenge!
For seniors needing to exist on just Social Security, life can be pretty challenging. Yes, that’s a pretty significant understatement. Yahoo Finance contributor Vance Cariaga, in a post today on finance.yahoo.com presents an analysis of just how severe those challenges can be, even for those fortunate enough to be receiving the average monthly benefit of $1,825. As Cariaga points out, this average monthly benefit is not much higher than federal poverty limits, and the inflation rates we’ve seen over the past two years aggravate the situation to the point where it becomes nearly impossible to exist of Social Security benefits alone. For future retirees, Cariaga’s article stresses the importance of having a sound savings plan to supplement financial needs in retirement. For those already struggling, the role that effective budgeting can play in managing finances is also stressed. Check out his post here…