After our video with Josh Scandlen on whether you can retire on less than 300K, many of you emailed us wanting to know about how you can live on social security alone. If you are close to retirement age and have not yet saved anything for retirement, then watch this video.
Financial Advisor Josh Scandlen discusses how your expenses are less in retirement because you are no longer paying income taxes or FICA taxes and you aren’t spending as much for raising children, commuting to and from work and eating out with coworkers. He also covers the big difference in your financial security that waiting to sign up for Social Security income benefits can give you.
If possible to wait until your full retirement age or even later, then you will have hundreds of dollars more added to your SS income benefit check each month. When living on a fixed income, this can make a big difference.
Another option is to help yourself make ends meet with a part-time job doing something like petsitting, dog walking, tutoring online, teaching local classes or building a blog and monetizing it.
If you’ve been worried about retirement, Josh is your good news guy. While it’s always best to put money away for your retirement during your working years, if you are already facing retirement with little to nothing in the bank, you can find some encouragement here. There are still steps you can take to maximize or even add to your Social Security benefits.
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