How many things can you buy with your regular Social Security payment?
As of August 2024, the average Social Security payment is $1,783.55, according to the Social Security Administration’s data. Living off this check isn’t the easiest thing to do, but it’s not impossible. Several seniors who don’t have an additional income source depend on this payment to take care of their bills or housing.
Even if these benefits aren’t enough to live on, smart budgeting, creativity, and planning are the tools you need to have fulfilling golden years. Whether you want to save for basic needs, tackle those pesky bills, or save for an adventure, knowing how to make the most of your budget is key, especially as a retiree.
We know that examples are easier to follow than straight-up words, so in today’s article, we’ll break down some practical things you can purchase with the average Social Security payment. Whether you have a hard time setting a budget or staying on the right track, we hope these tips will help you with a few ideas to make the most of your retirement. Without further ado, here are a few things you can get with your Social Security without feeling pinched:
1. Housing
Everyone needs a roof over their head, regardless of age or career status. Renting or paying a mortgage can certainly eat most of your Social Security payment, and if you can barely make it, there are ways to make things more affordable.
If you’re a renter, for instance, you can look into senior housing programs, which usually offer discounted rent rates. Another thing you can do is downsize to a smaller home. This will help you reduce housing and utility costs at the same time, which is perfect for those who don’t have big incomes.
If you’re a homeowner, on the other hand, you can check out reverse mortgages to make the most of your income, or you can rent a room if you’re blessed with huge space and need to bring in extra cash. Don’t forget that several utility companies offer discounts for seniors, which can make those bills costs easier to handle.
Another method you can try to cut down your housing costs is to enroll in government assistance programs. If you qualify for one of them, you could receive Section 8 housing vouchers that can reduce your rent considerably.
2. Drug prescriptions supply for a year
Many seniors need drugs to ease their symptoms and keep their health issues under control. The good news is that the average American spends between $1,100 and $1,400 for a supply of prescription drugs, which is less than the average Social Security payment.
You can always cut down on these costs to stretch your income even further, so make sure you talk to your healthcare provider about alternatives or generic medications. There are also different programs you can join and manage to save a ton of money, so ask your doctor about it.
3. Home improvements
Home improvements are always necessary, but they can make your life as a retiree a lot easier. Your average Social Security payment can help you refinish an old tub, update your vanity or countertop, replace your fixtures, and probably finish with a fresh coat of paint.
Other projects you can tackle with a month’s worth of income are energy-efficient windows, sealing doors and windows, and adding insulation. These tasks might seem expensive at first, but they can reduce your energy bills over time.
If you’re concerned about safety, for instance, you can use your patent to install railings, grab bars, or a security system to protect your home. In case you want to make your outdoor space even more beautiful, you can do a couple of landscaping improvements, such as adding mulch or planting shrubs. There are many home projects you can tackle with your average Social Security payment; you just have to pick the most important ones.
4. New clothing for a year
Just because you no longer go to work 5 days a week doesn’t mean you don’t need new clothing items every now and then. According to sources, the classic senior household spends around $1,400-1,500 on new garments every year, which means that your Social Security payment could help you with an entire year’s supply of outfits.
The best part is that you’ll have extra money for accessories and shoes, so you can mix and match your items. If you want to trim that figure even further, check out discounts, outlet malls, and thrift shops. Besides saving money, you might also be lucky and find unique pieces you couldn’t find elsewhere.
5. An Alaskan cruise for a couple
If you’ve always wanted to surprise your lover with something nice and romantic, your Social Security payment could help you reach your goal. Your golden years are the perfect time to travel and see some of the best places on Earth, so why not schedule a trip?
One of the easiest ways to get around a gorgeous destination and see some other incredible spots on the way is by cruise liner. You only unpack once, you pay a specific price, have food, drinks, and fun activities laid out for you, and all you have to do is experience everything it offers.
The best part is that you can surprise your significant other with an Alaskan cruise for two. The prices are lower than your average monthly Social Security payment, and if you book in advance, you can save even more. It might be cold, but all those amazing views will be worth it!
…If you need a few tips on how to make money as a retiree, here’s a book you must check out!
6. A few months’ worth of utility bills
Your utility bills depend on your home size, location, household size, your home’s efficiency, and individual utility usage. According to sources, the average cost an American family pays for a month is between $400 and $700, including gas, electricity, water, phone, Internet, sewer, and streaming or cable TV services.
So, depending on the amount you pay, your average Social Security payment could help you take care of these bills for a couple of months. However, they can sometimes cause a hole in your budget, but they don’t have to. If you want to save money and make the most of your check, look for energy assistance or discount programs offered by your utility providers.
You can also save money on your energy bills by using a programmable thermostat or installing insulation. If it’s not easy for you to cover your bills, you can check out government programs, like the Low Income Home Energy Assistance Program (LIHEAP), which will help you cut down on your payments.
7. An apartment rental in Florida
Many seniors move to the Sunshine State for their golden years. And who wouldn’t want to walk on sandy beaches and feel the sun’s rays on the face every single day? Sign me up; I’m ready to move NOW! If you want to move to Florida too, you’ll be happy to hear that the average Social Security payment is more than enough to cover your rent.
Depending on where you’d like to move or how much space you need, you could pay around $1,536 for a studio and $1,664 for a one-bedroom apartment. Would you like to live in the beautiful Florida? Let us know in the comments below!
Do you know any other things you could buy with a month’s worth of your average Social Security payment? Drop a comment and let’s chat! If you find this article helpful and would like to check out something else from Easy Seniors Club, here’s a wonderful post you don’t want to miss: 10 Pros and Cons of a Hawaiian Retirement: Is It Worth It?
Leave a Reply