Seniors getting Social Security got a 5.9% rase in 2022.
Many are finding it still is not enough.
How can I make my money go further?
Social Security recipients got a 5.9% raise in 2022. However, many people are finding that it isn’t enough money. This can be attributed to the 7.9% inflation of consumer goods. Click here to read more.
If your Social Security benefits aren’t covering your cost of living, there are a few options. However, experts suggest that you don’t withdrawal from your IRA or 401K plan.
The money you have in savings is supposed to last the duration of your retirement, and you don’t know how many years that is. You don’t want to drain your funds and be in a tougher situation later.
If you own a home, you have options to generate income. If you have the space. consider renting it. Because that isn’t an option for everyone, a parr-time job could be an easier solution.
Working part-time may not seem exciting, but there are options on the market to fit your schedule and desires. Beyond the benefit of a paycheck, working could have a positive impact on your mental and physical health.
Even if you feel like your Social Security raise is falling short, look for ways to boost your income before withdrawing your funds.
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