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Your email address will not be published.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

  • A senior woman walks her dog safely at dusk through a well-lit, peaceful suburban neighborhood with glowing street lamps. America's Safest Towns To Retire To, Ranked By Crime Rates
  • A collage showing a 'Perfect Retirement' blueprint peeling back to reveal complex financial ledgers and medical charts underneath. 8 Retirement Plans That Sound Good But Rarely Work Out
  • A panoramic sunrise view of a misty Pacific Northwest coastline with evergreen forests and distant snow-capped mountains. 12 Most Beautiful Retirement Destinations in the Pacific Northwest
  • A retired couple in hiking gear stands on a rocky mountain overlook, gazing at a vast valley with a winding river and snow-capped peaks. 12 Best States in America for Retirees Who Love the Outdoors
  • A man in his 60s working in his sunlit woodshop, representing the active and purposeful nature of unretiring. 8 Honest Reasons Why Some Retirees Are Going Back to Work in 2026
  • A retired couple stands in their empty, sunlit living room next to a moving box, looking out at a sold sign in the yard. 8 Reasons Retirees Regret Moving Too Close To Family
  • An active retired couple dancing at an outdoor community concert in a charming town square during a golden sunset. 7 Retirement Towns With The Best Free Community Events Year Round
  • A retired couple enjoying coffee in their bright, modern, and uncluttered downsized kitchen with soft morning light. 8 Monthly Bills Retirees Successfully Cut After Downsizing
  • A sunlit porch featuring a telescope, an art easel, a flight bag, and a basket of vegetables, overlooking a green valley. 8 Retirement Communities Built Around Unusual Hobbies
  • A silver motorhome parked on a scenic desert ridge at sunset, overlooking a vast canyon under a purple and orange sky. 8 Retirement Destinations Perfect For RV Lovers

Newsletter

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

Related Articles

8 Ways To Avoid Retirement Poverty

Buy the U.S. government inflation-adjusted annuity – By delaying Social Security benefits for four years, you…

Read More →
A senior couple reviews financial plans on a tablet in a bright, modern kitchen.

11 Social Security Mistakes That Could Ruin Your Retirement

Discover the most critical Social Security claiming mistakes, from triggering the earnings penalty to miscalculating…

Read More →
A retired couple looking out from a balcony during golden hour.

30 Dangerous Things to Your Retirement

Discover the 30 most dangerous threats to your retirement savings, including hidden tax traps, Medicare…

Read More →
Watercolor illustration of a multigenerational family on a vintage porch in warm golden light.

16 Ways Retirees Lived Without Social Security in the Past

Explore how older Americans survived before 1935 and learn timeless historical retirement income strategies to…

Read More →
Seniors calculating their costs

11 Expenses You No Longer Need in Retirement

Clothing and footwear Average household expenses in the US in 2019: $1,866 Shopping for clothing…

Read More →

10 Best Spots in the U.S. to Spend Your Retirement Years

Discover the 10 best retirement spots in the USA, featuring destinations that perfectly balance tax…

Read More →

10 Best and Worst Things to Do When Looking for a Place to Retire

5. Do Consider Your Safety Sadly, we can’t escape the reality that criminals often target…

Read More →
An active senior couple looking out over a scenic coastal town during a golden sunset.

Top 13 Places to Retire in America in 2026

Discover the best places to retire in 2026. Explore our guide to top retirement cities…

Read More →
A happy senior couple laughing in a bright, modern living room with large windows.

12 Alternatives to Retirement Homes

Explore 12 practical alternatives to traditional retirement homes, from aging in place and cohousing to…

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.