Nearly a quarter of senior citizens rely on Social Security as a primary source of income, according to the AARP Public Policy Institute. When you realize that the average monthly benefit only comes to $1,404, you can begin to understand the true scope of the budgeting exercises many people face. Thankfully, there are measures that help stretch your dollars a little further.
Click through and learn how to live big on a small budget.
Tip No. 1: Relocate to Lower Cost of Living
One of your biggest expenses is your home base. If you live in a place where the cost of living continues to climb, it might be time to search for a new place to settle down. Try a place where you can live on only Social Security. Many spots in the Southwest have great climates and cater to incoming retirees — and rent under $1,000 a month isn’t shabby, either.
Tip No. 2: Snag a Senior Discount
Take that age and flaunt it — it might put some cash right back in your wallet. When you treat yourself to a restaurant meal, always check to see if they offer a senior discount. Many chains offer as much as 25 percent off meals for people 55 and older.
Tip No. 3: Head Back to School
It’s never too late to go back to school, especially if you’re a senior citizen. Many local community colleges and universities feature tuition waivers for local residents who are 60 and older — which means you can attend courses for free and keep your mind sharp.
Click through to keep reading about the realities of retiring on Social Security.