According to data collected by the AARP Public Policy Institute, around 24 percent of people aged 65 and older rely on Social Security benefits. In fact, as per the same report, 90 percent of their income is covered by the Social Security program.
With the average monthly benefit at $1,543 as of January 2021, it means retirees are on a fixed budget and have a lot of things to cover as part of their living expenses. Luckily, they can stretch their Social Security checks way further that they’ve ever imagined and live a comfortable life even when their funds are limited. How? Read on to find out.