1. How to Live on Social Security Alone: Pay Off Your Mortgage Before Retirement
Once you retire, expect housing to be one of your largest expenses. If you can get rid of that big bill, you can use your retirement income for other things. In fact, seniors who’ve paid off their mortgage before retirement believe this was one of the best decisions they made when planning for their golden years.
For instance, homeowners aged 60 or older in Pensacola, Florida, pay $1,191 on average per month for housing if they have a mortgage. On the other hand, those who’ve paid off their house have housing costs of $388 on average per month.
A married couple jointly getting $2,531 in monthly Social Security benefits can easily cover the $388 monthly housing expenses of a paid-off home, while those who are still paying mortgages spend nearly half of their retirement income on this.
