17 Ways to Make do With Just a Social Security Check

Twenty-four percent of persons aged 65 and above live in families that rely on Social Security payments for 90% or more of their income, as reported by the AARP Public Policy Institute. With an average monthly payout of $1,523, retirees who depend on Social Security to cover all of their living expenditures are on a shoestring budget.

Seniors may take advantage of various discounts and bonuses once they retire, allowing them to enjoy a rich life on a restricted budget. Take the necessary steps to stretch your benefits as far as possible and maintain a comfortable lifestyle.

1. Defer collecting your Social Security benefits.

Retirement from employment and the start of Social Security benefits are two reasons to rejoice as you get older. Although you can begin receiving Social Security at the age of 62, your monthly payments will be much greater if you wait until you reach full retirement age, from 65 to 67 years old, depending on your birth year.

For instance, if you reach full retirement age at 67 but begin receiving Social Security at 62, your benefits will be 30% lower than if you would’ve waited another five years. So, if at all feasible, defer collecting until you've reached full retirement age. If you wait until you're 70 to start receiving Social Security, you'll get the maximum amount of payments.

2. Consider withdrawing your claim if you filed for Social Security early.

Have you already claimed your benefits and are now surprised by the actual expenses of retiring on Social Security? If you applied for Social Security within the last 12 months and wish to raise your benefits, you can withdraw your claim and reapply at a later date. It's worth noting, too, that if you choose to withdraw, you'll have to refund all of the advantages you've gotten up to that time. Still, being able to maximize your Social Security payouts may be worth it in the long run.

3. Make a Social Security survivor benefits plan.

If you're married, talk about ways to maximize your Social Security payments if one of you passes away. For example, when one spouse dies, the widow or widower may be eligible to receive the late spouse's benefits rather than their own if those benefits are greater than the ones they were receiving before. As a result, it makes sense for the higher-earning spouse to retire later. When the household's two Social Security checks become one, the surviving spouse receives the maximum benefits.

4. Consider moving to a city with a lower cost of living.

Social Security benefits can stretch further if your cost of living is lower. If you reside in a high-cost area, consider relocating to a region where you can survive solely on your Social Security check. Retirees may find warm weather and enough things to do in cities like Tucson, Arizona, and Reno, Nevada, which also offer a low cost of living.

5. Before you retire, pay off your debts.

It's advisable to pay off all obligations, including credit card payments and mortgages, before retiring to get the most of your Social Security benefits. This way, rather than spending your benefits on items you've already purchased, you can focus on spending it on things you need on a daily basis.

6. Move to a tax-friendly state.

Although most states and the District of Columbia do not tax Social Security payments, you may stretch your benefits even farther if you live in a state with even lower taxes. As reported by AARP, Alaska and New Hampshire have no sales or income taxes, while Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming have sales taxes but no taxes on the state or pension income.

7. Live with a roommate.

Sharing living expenses with a roommate or housemate is a terrific way to stretch your money further, and it may also help you avoid the loneliness that comes with retirement. According to a SmartAsset study, in several big cities, renters who share a two-bedroom with a roommate save more than $800 a month compared to those who rent a one-bedroom by themselves. Even if you don't rent, sharing a room with a roommate can help you save money on utilities, internet, TV, and energy.

8. Entertain yourself with free activities.

You don't have to spend any of your Social Security benefits to keep yourself occupied and entertained. Stay amused during the day by visiting a free museum or borrowing a book from the library. You may also go to an open mic night at a neighborhood coffee shop, where entry is usually free. In addition, book readings, lectures at local colleges or universities, and free outdoor concerts are all free activities.

These benefits, however, may have to wait until states have fully reopened after the coronavirus shutdowns.

9. Get an AARP membership.

An AARP membership costs just $16 per year. However, the discounts can more than cover the cost of the membership. AARP members save money on health and wellness, dining out, entertainment, shopping, and community memberships, in addition to receiving typical senior discounts.

10. Consider relocating to a retirement community.

If you're thinking about relocating, a retirement community can be a better option than buying a new house in the region. Sara Zeff Geber, a retirement coach, says that they're generally less expensive than the nearby properties on the market that are open to the public. Furthermore, living in a retirement community makes it easy to interact with others your age. Still, you should be honest with yourself about what’s affordable with your Social Security check since certain luxury retirement communities may be rather costly.

11. Eat at restaurants that offer discounts to seniors.

You'll be on a limited budget if you live on Social Security, but it's okay to dine out once in a while — even more so if you go to a place that gives a senior discount. Many prominent restaurants give seniors age 55 and over up to a 25% discount on meals, including takeout. For example, according to TheSeniorList.com, Chili's offers a 10% discount to seniors every day, and Uno Pizzeria & Grill gives a 25% senior discount on Wednesdays.

12. Save when you’re shopping.

Keeping your clothing in good shape doesn't have to eat up a large portion of your Social Security payment. TheSeniorList.com has listed several large shops that provide discounts to senior customers. For example, Banana Republic provides 10% off to buyers age 50 and more. Kohl's provides consumers 60 and up 15% off every Wednesday. And Ross offers a 10%-off Tuesday promotion for anybody age 55 and up.

13. Don’t pay too much for prescriptions.

The expense of medication may quickly pile up. If possible, get the generic version of your medication to save money. Also, to get discounts and rewards, you should join a prescription membership club at the pharmacy where you buy your drugs. The Rite Aid Rx Savings Program, for instance, offers members a 15% discount (or more) on medications, and a 30-day supply of common generics is only $9.99 with the plan.

14. Go outside.

Going for a daily walk or hike is a simple and inexpensive method to keep active. Make a morning stroll in your neighborhood a regular habit, or go hiking on a nearby trail to take in the scenery. Hiking during the day when most people are at work eliminates the stress of dealing with crowds, allowing you to appreciate the peace and quiet of the outside fully.

15. Consider volunteering.

Giving back to those in need is a great way to make yourself feel good. Volunteering your time to a cause that matters to you is a costless way to spend your time that also benefits others.

16. Return to school.

Tuition exemptions for citizens aged 60 and over are available at many local schools and institutions, allowing seniors to take college courses for free. You might be able to audit classes at no cost, even if your local higher education school does not provide a tuition waiver. That implies that you are welcome to attend all classes and lectures, but you will not gain credits for them. One advantage of auditing is that you won't have to worry about tests or homework.

17. Go to a new gym class (for free).

You may not have had time to go to the gym regularly while working, but that is no longer an excuse. SilverSneakers is a free service that allows Medicare members access to over 14,000 gyms and fitness centers around the US. SilverSneakers members not only get full access to participating gyms, but they also get free lessons in the gym and elsewhere. So if you've never tried yoga before or want to dance your way to better health, you may do it for free.

Sadly, this benefit may have to wait until all gyms are entirely operational and safe to visit.