Furthermore, while you may be mortgage-free in retirement, even a very inexpensive property tax bill might still have you paying a few hundred dollars a month. And that doesn’t include what you’ll spend on homeowners insurance and maintenance.
As such, while you can technically try to retire on Social Security alone, it’s not advisable. A far better bet is to amass some level of savings so you have an additional income source to fall back on. If that’s not possible, you can plan to work part-time in retirement to boost your monthly earnings. But the key is to do your best not to limit yourself to Social Security alone.
What if you’re stuck?
You may have reached retirement without any money in savings, and you may not be able to work due to health issues or other constraints. If that’s the case, do your best to stretch your Social Security benefits as much as you can.
First, commit to a frugal lifestyle. That means meal-planning and coupon-clipping, and spending little to no money on leisure. (The good news, though, is that you may have access to plenty of free entertainment, from your local library to events at your community center. And hiking or walking in parks shouldn’t cost any money, either.)