6. How to Live on Social Security Alone: Consider Moving Somewhere Where the Cost of Living is Lower
Relocating to a lower-cost area of the country may be the answer to how to live on Social Security alone. If you pay less for your retirement expenses, you’re more likely to live well on your retirement income alone.
“If people live in a pretty expensive place when they retire, they can sell their house, get one at a below-national-average price, and have a very comfortable retirement,” points out Charles Zhang, an investor and certified financial planner in Grand Rapids, Michigan.
You don’t always have to move to another state to live on Social Security alone. Sometimes purchasing a more modest house within your own community may be exactly what you need in order to reduce your ongoing housing costs.
