If You Rely on Social Security, Consider Cutting These 4 Expenses Now That Trump Will Be President
Written by
Laura Beck
Edited by
Amber Barkley
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Living on Social Security? With President-elect Donald Trump soon to take office, certain policies he plans to implement could increase your expenses in some areas. Increased tariffs have the potential to increase the costs of everyday goods, and inflation could increase again, as well. While Trump also has plans to decrease or eliminate income taxes and other expenses, it’s a good idea to start cutting expenses now to be sure your fixed income stretches far enough.
Financial expert Thomas J. Brock from Annuity.org said it’s time to take a hard look at your spending — especially with changes coming to Social Security.
Skip the Fancy Nights Out
Forget expensive restaurants and pricey shows.
“Limit dining out and costly entertainment activities,” Brock said.
His suggestion? Focus on “home-cooked meals and free or low-cost family gatherings, festivals and community events.” You’ll save money while still having fun.
Clean Up Those Subscriptions
Take a good look at your monthly bills.
“Review your monthly subscriptions and memberships, including streaming services, magazine subscriptions and gym memberships,” Brock said.
Do you really watch all those streaming services? Maybe it’s time to pick your favorite and ditch the rest.
Get Smart About Energy
Here’s where small changes add up big. Brock suggested simple fixes, like “investing in energy-efficient appliances, switching to LED lighting and sealing drafts in your home.”
Your utility bills will thank you.
Double-Check Your Insurance
Think you’re stuck with high insurance rates? Think again. Brock urged seniors to “holistically reassess your insurance coverages.” Lots of people are paying for coverage they don’t need or missing out on senior discounts they could be getting.
While there’s no telling for sure how Trump’s administration will affect cost of living, it’s important to be prepared — especially if you rely on Social Security to cover costs. With the Social Security Administration facing funding concerns and delays likely in processing new benefits changes, now’s the perfect time to trim those expenses.
After all, the best safety net is the one you build yourself.
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