Move in with family
A cost-efficient method that many retirees resort to when retiring without any pension, 401(k) or other sources of income other than Social Security, is to move in with their families. According to Treece of Fit Small Business, it’s not something all retirees want or like, but if your adult children live close to you and have no problem taking you in, it’s better than struggling to make ends meet on your own.
Consider retiring abroad
Another thing you could try when the pandemic subsides is to relocate to another country where the cost of living is much cheaper than in the United States. You’ll be surprised to find out that the Social Security dollars you’ll barely be able to stretch in our country can secure you a comfortable, middle-class lifestyle in a different country. It doesn’t have to be a third-world country either. There are plenty of English-speaking places where you can live the retirement of your dreams with your Social Security money.
However, before you pack your bags and head to your future country of residence, make sure you’ve done your research and have taken some trips there beforehand, to get used to the environment and culture.
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