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Social Security: How to save if payments aren’t enough

Many Americans retire only to discover they cannot afford to live on Social Security benefits alone.

Some people realize they have too many expenses to cover with the benefit they claim once a month.

The average payment for 2022 will be $1,657 per month, with the 5.9% increase.

What people actually get varies because it’s based on your highest earned wages and age you retired.

More often than not, whatever the payment is just isn’t enough to cover the costs of day to day living.

Related: What age you should file for benefits

There are 3 ways you can lower your expenses overall to help living on Social Security

First, you could move to a smaller, cheaper home.

Bigger homes require higher heating or cooling costs, and smaller square footage may result in a cheaper mortgage payment or rent.

If you move to a smaller living space, you could cut those costs.

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Related: What is the 2022 Social Security payment schedule?

If you own your home, you could sell it for quite a bit of money right now thanks to the housing market’s reaction to the pandemic.

If you commute less in retirement or have access to public transportation, you could get rid of your vehicle.

This may be viable for a married couple that owns two cars but only needs one.

Dumping your car could eliminate a car payment, gas, insurance, and paying for issues with the car.

Related: Will these Social Security changes impact you in 2022?

Some people may even save hundreds this way.

Finally, look into your Medicare to be sure you aren’t paying for things you don’t actually need.

Premiums are going to rise in 2022 and bundling your plan could knock money off your monthly payment.

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