Opt for a group home
Another way to reduce your costs if your primary source of income in retirement is your Social Security, is to join a group home, suggests Dock David Treece, a senior financial analyst with Fit Small Business. A group home gives you the opportunity to live in a comfortable environment among peers, all the while helping you save money and successfully getting by with your Social Security alone.
Some group homes for seniors even have staff members who care for residents and help them with various activities like remind them to take their medication, serving them meals and doing their laundry.
Increase your deductibles
Another smart way to pay less in terms of your monthly or quarterly bills is to increase your deductibles, meaning the amount you pay for covered medical services before your insurance kicks in. The higher your deductibles, the lower the premiums you’ll have to pay monthly. However, as financial specialists explain, increasing deductibles is not recommended to seniors who go to the doctor more often.
See also: 7 Biggest Social Security and Medicare Changes in 2021.
