The average Social Security check paid out in 2018 was just $1,404, according to The Motley Fool.
That works out to just $16,848 per year… hardly enough to get by comfortably on these days.
And that’s before taxes!
It’s no secret that retiring in today’s economy is harder than ever for seniors. The costs of healthcare, housing, utilities, and even food have all skyrocketed. And unfortunately, the Cost Of Living Adjustment just isn’t cutting it for some seniors.
The economy always has and always will have its ups and downs. When the economy is stable it is time to start preparing for the turbulent time that will come.
By preparing adequately, cutting costs, and making sure you still have some income coming in, you can emerge out of a recession just as strong as you were before it.
Although one can never be completely prepared for a recession there are strategies that older Americans can use to prepare for a recession, and that will help them know what to do when it arrives.
There are several things you can do to help you financially through your retirement
Reduce expenses. There are many ways to cut expenses.
Cut discretionary spending. Buy nothing if you don’t need it to live. Resist sales pitches.
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You can also start building your website and doing the lessons and if it is something you think you would like then ok if you do not think it is for you that’s ok too you can quit and it will have cost you nothing
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As a retiree myself I can tell you first hand of the task of living daily on a pension that cannot meet the needs.
I am fortunate that my children chip in and help me, it is not something that I wanted but thank God they did it
I am now a part of Wealthy Affiliate, and even though this is not a get rich quick or make a lot of money overnight.
It is a business that can create a passive income in time. It does take discipline and work but after your website is established and you have an audience you can make money without much effort because your website will continue working.
So I am encouraging you to take the step to ensure that your retirement is not filled with stress about not having enough cash for the necessary things you will need or even to treat yourself to some extras.
Join us at Wealthy Affiliate you have nothing to lose, remember you can become a member for free.
There is a community of very helpful people including myself ready to assist you in any way we can.
You can join by clicking on any link in this post I will be there to show you around the platform and answer any questions you may have
Thank you so much for your time, I hope you found it helpful and informative I am looking forward to your comments and questions.
Please remember to share this post it would be appreciated.
NOTE: This post includes affiliate links, which, if clicked on and a product purchased, I get a small commission (with no increase in cost to you)