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Tips for Living Off of Social Security

It’s a program that was never meant to be a sole source of income. Those trying to live on Social Security alone face a very challenging retirement. But Jami Farkas, a financial planner, has some tips here for how to do it if one really must, because to say “you should have saved more when you were younger” is of little value once one is already retired. Her main advice is to stick to a strict budget. She also suggests these: a. minimize discretionary spending; b. take advantage of senior discounts; c. explore additional income sources; d. manage healthcare costs; e. seek out community resources. Full article here.

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