New financial system

While it's possible to live solely on Social Security, it's not ideal and requires careful planning. In 2024, the average monthly retirement benefit is close to the threshold for economic insecurity, and many households fall near or below the poverty line. To make it work, you'll likely need to cut your living expenses significantly and live frugally. Here are some tips that might help: Reduce debt Pay off any mortgages, cars, or credit cards you might have. Cut expenses Cook at home instead of eating out, and look for free or local entertainment. You can also monitor fixed expenses like insurance premiums and shop around for better deals when they increase. Live modestly Consider sharing expenses with others by living in a communal setting or with an adult child. You might also need to take on a part-time job. Stay active Staying physically and mentally active can help you maintain good health and avoid expensive health care costs.