See How You Can Live Large on Social Security Alone

Living the good life is possible on Social Security.

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.

About the Author

Rachel Holly Farrow is a Digital Content Editor for GOBankingRates.com. She has worked in a multitude of different mediums — traditional print, television, and now digital — before landing with the team at GBR. She also served as a Weekend News Producer and Digital Content Producer for an ABC-affiliate news station WNEP-TV 16 in Scranton, PA.