22 Ways to Live a Comfortable Retirement on Social Security Alone

April 13, 2021 · Retirement Life

Pay off your debt

If retirement is getting closer and closer but your debts are also getting higher and higher, it’s time to take urgent measures to get rid of your debt as fast as possible. It should become one of your main priorities as you prepare for retirement.

“Get on a budget, reduce expenses, and send any financial surplus to your credit card balances,” suggests Bakke at Money Crashers. The sooner you eliminate those balances the better for your retirement life.

Make sure you also find out more about these 14 Tips To Make The Most Of Your Social Security Check.

Close-up of senior hands near house keys and paperwork on a wooden table. — Senior hands rest near house keys and a deed of trust, ready to unlock valuable home equity.

Cash out your equity

If you are the owner of your home and could use some more money in retirement, one way to get it is to use the equity in your property, via a reverse mortgage, to consolidate other debts or pay for other expenses. For the right person, this option can allow them to ‘cash out’ some of their home equity while staying in their home for the rest of their life,” says Kellerman of Phase 2 Wealth Advisors.

Speaking of properties, check out these 14 Expert-Approved Tips to Get the Best Price for Your Property!