Is It Possible to Retire on Social Security Alone in 2024?
Is it possible to live on Social Security alone?
Living on Social Security alone isn't easy, but it's the reality for many seniors in America. Roughly 40% of Americans ages 65 and older rely on Social Security for at least half of their incomes, with some depending on it for up to 90% of their income.
How to boost your future Social Security benefit
If you're facing retirement without much in savings, consider working longer to boost your benefits. Delaying claims until age 70 can significantly increase your monthly checks, and ensuring you have a 35-year work history will maximize your earnings.
What to do if your retirement funds are lacking
- Contribute to a retirement plan or open a Roth IRA
- Utilize options such as reverse mortgages or part-time work
- Consider relocating to a cheaper area or paying off debts before retiring
Living on Social Security alone is feasible, but it's essential to explore additional income sources and strategies for financial security in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.