A 2025 Senior Citizens League survey indicates that 39% of seniors live on Social Security alone, and given the high cost of living, that’s no mean feat. It takes determination and strategy to get by.
If you’re planning for retirement and expect to live entirely on Social Security, the ordinary advice pre-retirees receive may not be exactly what you’re looking for. Instead, the tips below may help you make the most of your financial situation.
Image source: Getty Images.
1. Delay claiming benefits as long as possible
While you’re eligible to begin receiving Social Security benefits as early as age 62, doing so will permanently reduce your monthly benefits. If you can, consider delaying your claim until your full retirement age (FRA). That’s 67 for anyone born in 1960 or later. Or consider pushing it back to age 70, when you’ll receive a Social Security check that’s 24% higher than at 67.
For example, if your Social Security check at age 67 is expected to be $1,800, waiting until age 70 to claim it will permanently increase it to $2,232. Of course, how much you get overall also depends on how long you live.
2. Jettison your debt
Whether a person brings in $24,000 or $240,000 a year, debt can cripple a monthly budget. Work on eliminating high-interest debt, like credit card debt, to free up extra money each month.
3. Lower your housing costs
Housing is often the largest expense you’ll face in retirement. Whether you own or rent, consider downsizing to a smaller home or relocating to a more affordable area. You may also want to explore alternative living arrangements, like shared housing.
4. Prioritize healthy living
Taking good care of yourself offers multiple benefits: Remaining healthy can help you work longer, so you can delay claiming Social Security. It can minimize healthcare costs when you retire. And finally, enjoying good health as you age makes it easier to focus on what you enjoy.
5. Supplement your income
Don’t look at retirement as “the end.” For you, it may just be the beginning of something pretty great. Working part-time is a good way to meet new people, have new experiences, and share your knowledge. You don’t necessarily have to work outside the home. If you have a skill to share — like speaking a foreign language, great math skills, or crafting — offer to teach others for a fee.
6. Utilize local resources
As scary as retirement can feel, you don’t have to go it alone. There are resources to help you figure it out. Resources like these are available to provide help. I like Findhelp.org, which can help you find food pantries and meal programs, housing, healthcare, financial assistance, and more; ElderHelpers.org, which connects you with volunteers in your community to provide help driving, shopping, gardening, or doing tasks around the house; and the U.S. Department of Housing and Urban Development, which has HUD-approved housing counselors to help you find housing.
Retiring on Social Security alone doesn’t have to be the worst thing in the world. While it may not always be easy, it is possible.
