What to Do When Social Security Isn’t Enough

If you’re worried about how to make your money go further when you get to retirement — or if you’re in retirement now — start by mapping out some numbers so you can visualize your situation instead of fretting about hazy, doomsday scenarios. Gather as many old credit card statements, bank statements, receipts and bills as possible, so you can see your fixed and fluctuating expenses. Next, add up how much you’ll be spending every month to cover your bills.

Find ways to spend less
You might want to see where you can make cuts. What’s your entertainment spend? Do you really use every single streaming service? Concerning bigger expenses, would you consider downsizing and moving to a new home?

You probably already know about discounts for older adults at restaurants, grocery stores, pharmacies, airlines and retail stores. If you’re already spending, getting a discount is a no-brainer way to cut costs. For less than $20 in annual membership dues, AARP offers a gigantic range of discounts and benefits.

Look for small cash infusions
Even $100 a month can make a difference, and there are many ways to get your hands on some extra cash. Depending on how energetic you feel, there are delivery and driving platforms, like DoorDash and Uber. You can leverage a skill, such as writing, tutoring or consulting in your field. Love cats or dogs? Try cat sitting or dog walking.

Just keep in mind that if you work and collect Social Security before you’ve reached your full retirement age, your benefits could be lowered — and right now that’s the last thing you need. For more on how inflation is crimping Social Security benefits, read our reporter Mary Ellen Cagnassola’s story.

— Jill Cornfield, deputy editor

Inflation is declining (good) but prices aren’t really coming down (sigh). And now predictions from the Senior Citizens League for the next Social Security cost-of-living adjustment point to a sharply reduced increase, at least compared with this year.

TL;DR: Social Security recipients could be looking at a much slimmer increase in benefit checks in 2024.

• Can you actually save on the cost of financial planning? It’s possible with these five methods.
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• A few more years of work is one of the best ways to boost retirement security. And solo entrepreneurship may give you the flexibility and freedom you want.

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