Living on Social Security Alone? 15 Important Moves to Make

You'll often hear that it's important to save aggressively for retirement because Social Security generally won't pay enough to maintain the lifestyle you're used to. But some people struggle to save during their careers and wind up with Social Security as their sole retirement income source. If that's the boat you've landed in, here are some essential moves to make.

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You may not have savings to fall back on for retirement. But if you delay your Social Security filing until age 70, you'll at least snag a higher monthly benefit in the process. You may have to work longer to make a late filing happening, but it's worth it for the extra monthly income.

ALSO READ: Why I Hope to Claim Social Security at 70

If you'll be limited to a Social Security check in retirement, you'll need to make sure you have a very accurate sense of where your money will go. That's why it's so important to set up a retirement budget from the start. That budget should account for every expense you have -- and every dollar you spend.

You may not be able to afford a larger home once you're limited to a Social Security paycheck. That's why it could pay to downsize ahead of retirement. A smaller home could mean a much more affordable mortgage -- and lower-cost insurance premiums and property taxes, too.

ALSO READ: How to Know When It's Time to Downsize Your Home

If you're a two-vehicle household, it pays to get rid of one car if you're looking at living on just Social Security. Even if you own your vehicles outright, there's still maintenance to consider. And if you're retired and don't have a daily commute, you may find that one vehicle suffices.

Restaurants charge a huge markup for the meals they serve. That may be something you're willing to pay for when money isn't tight. But if you're limited to Social Security alone, you'll need to get on board with the idea of eating the bulk of your meals at home and not at restaurants -- unless, of course, someone else is picking up the tab.

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You might enjoy having access to a local health club or another membership or subscription. But if money is tight due to only having access to Social Security, then it's time to pick and choose. Go through your nonessential expenses and figure out which you can most painlessly dump.

Having the right Medicare coverage could make your healthcare costs much easier to manage if all you have is a Social Security check to cover them. Take your time selecting a Part D drug plan or Medicare Advantage plan. And then review your plan options every year during open enrollment.

ALSO READ: 5 Things to Know About Medicare Open Enrollment

Taking good care of your health could mean spending less on doctor visits and medications. That could mean exercising regularly (provided a doctor says it's safe to do so) and eating nutritious meals. It could also mean going out of your way to avoid stress, which is known to be detrimental on so many levels.

Many seniors take medications on a regular basis. Ordering yours strategically could cut down your costs. That could mean opting for generics instead of name-brand drugs, or ordering bulk supplies at a discount.

ALSO READ: Investing in Pharmaceutical Stocks

If you're enrolled in Medicare, you're automatically entitled to a host of free preventive health services. Be sure to schedule those appointments every year. They could help you get ahead of other health issues that are costlier to address.

I Can't Believe This $17,166 Social Security Bonus Was So Easy Uncover a handful of little-known "Social Security secrets"... including a simple process that removes the guesswork and makes it easy to earn as much as $17,166 in additional benefits every year. Click here to get access to information on how you can uncover this lucrative strategy and even more insider information you won't want to miss.

If you have only a Social Security check at your disposal, you may not have a ton of wiggle room when it comes to paying for entertainment. But it's important to stay busy in retirement, especially if you want to stave off mental health issues. That's why seeking out free entertainment is essential, whether it's events at your community center or nature programs at your local park.

Social Security benefits are eligible for an annual raise known as a cost-of-living adjustment. It's important to follow the news and keep track of those raises so you know what sort of boost to expect. Keep in mind that those raises aren't guaranteed, as they're pegged to inflation. But when living costs rise, Social Security increases tend to follow suit.

ALSO READ: Why October Is a Crucial Month for Seniors on Social Security

Home-related upkeep can get very expensive if you're not willing to do the work yourself. If you're capable of maintaining your own home, do it. Not spending money on outside professionals could help stretch your Social Security benefits.

You may not be able to tackle home or vehicle repairs yourself. But if you have a child who's an HVAC contractor or a nephew who's a mechanic, now's the time to call in some favors. You can't afford to be paying top dollar for repairs when your only source of income is a monthly Social Security payment.

ALSO READ: Tired of Raiding Your Savings for Home Repairs? Try This Instead

Living on Social Security alone is not easy, and it's important to be aware of that fact going into retirement. You may have to make some serious lifestyle cutbacks to manage on your monthly benefits without other income at your disposal. The sooner you get on board with that, the easier that transition will be.

I Can't Believe This $17,166 Social Security Bonus Was So Easy Uncover a handful of little-known "Social Security secrets"... including a simple process that removes the guesswork and makes it easy to earn as much as $17,166 in additional benefits every year. Click here to get access to information on how you can uncover this lucrative strategy and even more insider information you won't want to miss.

You may not be thrilled with the idea of having to retire on just Social Security. But if that's your reality, embrace it and work with it. These moves could help you stretch your income and make the most of your benefits so you're still able to enjoy retirement, even if money isn't abundant.

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