Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

12 Retirement Ideas That Work for Any Household

January 11, 2021 · Retirement Life

11. Wait To Draw Social Security Until You’ve Maxed Out Benefits

Of course, you are entitled to claim Social Security benefits as early as possible, but doing so could have nasty consequences down the line. It’s a good idea to live off of your other savings until you reach 70 in order to max out your benefits.

Here’s how it works. The amount of money you’ll receive from the government won’t change. But the earlier you claim benefits, the more you’ll have to stretch that money out. In 2020, if you turn 62 and decide to receive your Social Security checks, you could collect $716 per month. Once you reach 70, your benefits will go up to $1,266 per month.

This may be when healthcare costs will begin to rise for you, but the larger amount of money will help significantly. Tap into your other savings first, it’s the smartest choice you’re going to make!

12. Rent Instead of Own

A lot of seniors consider renting instead of owning blasphemous. After all, your home is probably the biggest investment of your life, and giving it up now sounds like a waste, right? But if your home is too big and expensive to maintain, you could save thousands of dollars by renting instead. Not to mention the fact that a lot of expenses will be passed on to your landlord instead.

Cross off property taxes off your worry list, too. In some cases, you won’t even have to worry about utilities either. Those are two major costs during retirement and the more you can save, the more you’ll be able to invest in your new hobbies, healthcare, or traveling the world!

The money you get from saving your home will be significant, too, and you’ll be able to stretch it out over the remaining of your life if you are careful about your monthly budget!

Which of these 12 ideas sound perfect for your retirement? Let us know by commenting down below, we’d love to hear what you plan on doing once you retire!

Pages: 1 2 3 4 5 6

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Senior woman working on a laptop resting on a lap desk while seated comfortably in an armchair with an ottoman. 11 Side Gigs Perfect for Retirees With Mobility Limitations
  • A woman sits at a wooden table reviewing financial documents and account statements beside a window and bookshelf. 9 Things to Do With Inherited Retirement Accounts
  • Senior couple in a sunlit living room with large windows, one looking outside and one browsing a wooden bookshelf. 8 Reasons Retirees Are Choosing Co-Ops Over Condos
  • A smiling senior vendor weighing produce on a hanging scale for a customer at a sunny outdoor farmers market. 7 Part-Time Jobs at Farmers Markets and Local Fairs for Seniors
  • Mature man reviews Social Security paperwork and a US passport at an outdoor table overlooking a coastal European city. 7 Social Security Rules for People Who Worked Overseas
  • An older woman talks with an adult woman across a sunlit wooden table set with tea and a notepad. 10 Things Retirees Wish Their Kids Knew About Their Finances
  • A senior couple with luggage stands on an outdoor train platform, checking a travel brochure beside a passenger train. 12 Places Where Retirees Can Afford Both Rent and Travel
  • Mature woman sitting thoughtfully at a wooden table with financial papers, an open planner, glasses, and a steaming mug. 7 Retirement Account Rules That Changed Recently
  • Senior couple walking arm in arm along a brick sidewalk past a bakery, bookstore, and cafe table with coffee. 11 Signs You've Chosen the Right Retirement Town
  • Older couple reviewing tax returns and moving paperwork at a table with cardboard boxes stacked behind them. 7 Tax Surprises for Retirees Who Move Across State Lines

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

12 Incredible Inventions That Are Beneficial for Seniors

Anti Slip Shower Mat To emphasize even more the safety necessity in the shower cabin,…

Read More →

Top 20 Affordable Cities for Retirees in 2020

16. Greensboro, North Carolina If your aim is to pay around $200,000 for a home,…

Read More →
An active senior couple stands on a wooden terrace overlooking a community vineyard and a modern academic library during golden hour.

8 Retirement Communities With Unexpected Perks

Discover eight innovative retirement communities offering unexpected amenities like university classes, organic farms, equestrian centers,…

Read More →

A 20-Step Guide to a Horrible Retirement

Retirement is an important milestone. And the closer you get to that moment, the more…

Read More →

10 States to Retire For Less Than 45K a Year

Kansas Here, you’ll only pay on annual expenditures $44,143. Kansas is one of those states…

Read More →
Senior man sitting in a wooden armchair on a stone patio holding a mug, overlooking a desert landscape with mountains.

10 Underrated Southwest Towns Where You Can Retire on $1,500 or Less a Month

Discover 10 underrated Southwest towns where you can retire on $1,500 a month, complete with…

Read More →

22 Ways to Protect Your Retirement From a Possible Recession

Reduce Your Stock-Specific Risks “As you enter your 50s and progress into retirement, you should…

Read More →

10 Common Myths That Might Be Killing Your Early Retirement Plans

You won’t be able to socialize anymore We can all agree that working with other…

Read More →
A stressed older couple sits on the floor of an empty living room surrounded by unpacked cardboard moving boxes.

5 States Retirees Regret Moving to, Based on Cost and Lifestyle

Discover the 5 states retirees regret moving to most due to high property taxes, soaring…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.