No matter where in the U.S. we live, a lot of retired people are looking for ways to keep up their quality of life even though their Social Security checks are not very big.
In times of rising prices and inflation, this is especially true for retirees whose fixed incomes often are not enough to cover all their monthly bills without putting their health at risk.
But if you plan ahead and get some help, you can make the most of your resources and live a better life in retirement.
One good way to handle this is to add to Social Security other state benefits and aid programs that are specifically made to help people over 65 and retirees on low incomes.
These helpers include food stamps, housing subsidies, and health care subsidies. They make monthly budgeting a lot easier.
There are ways to save money that can make a big difference, in addition to getting extra benefits.
Retirees can get a better handle on their money without lowering their quality of life by changing some expenses, making the most of what they buy, and planning every financial move they make.
We will talk about the benefits that can be added to Social Security as well as some practical ways to cut costs below.
Benefits to combine with Social Security
If you get a small Social Security check, there are a lot of other benefits in the US that can help you pay your bills.
Some of these help people meet their basic needs so they can spend their main resources on other parts of their health and happiness. The following choices are some of the most important ones:
- Supplemental Nutrition Assistance Program (SNAP): Provides debit cards with funds for food purchases, helping to reduce food spending.
- Housing Assistance: Programs such as Section 8 offer subsidies for rent payments, especially for low-income retirees.
- Medicaid: This medical assistance programme covers a large part of medical expenses for low-income people, helping with consultations, medicines and treatment.
- Energy Benefits (LIHEAP): Helps cover heating and electricity costs, essential for low-income households.
- Transportation for the Elderly Programme: In some cities, free or reduced-price transportation services are offered to seniors, reducing mobility costs.
It may be easy to get these benefits because many of them are run by the local government and only require meeting certain age and income requirements.
With this help, retirees can directly lower their costs, which often have an impact on their finances. This frees up their resources to focus on other important things.
Tips for saving on monthly expenses during retirement
Getting into the habit of saving money is not only good for you, but it can also make your life better in retirement. These ideas are easy to put into action and can help the budget a lot without making big sacrifices:
- Reduce energy consumption: Adjusting heating and air conditioning only when necessary and opting for energy-efficient appliances can significantly lower utility bills.
- Plan your shopping: Making a list before shopping helps to avoid impulse spending. Also, taking advantage of discounts or shopping at low-cost shops can save money.
- Review your subscriptions: Many people have subscriptions to services they hardly use. Reviewing and cancelling non-essential ones is an easy way to free up resources.
- Take advantage of senior discounts: In many establishments, senior citizens are entitled to discounts on products and services. Inquiring about these benefits before making a purchase can generate significant savings.
- Consider moving to a less expensive area: In some areas, housing and living expenses are lower. If possible, moving may be a viable option to maximise your retirement budget.
Taking these steps to save money helps to make the most of the resources you have, which gives you more financial peace of mind.
As long as the right tools are used and smart financial choices are made, retirement can be a full and comfortable time, no matter how much money comes in each month.