Social Security Benefit Isn’t Enough To Live On? Here’s What You Can Do

If you're getting close to retirement or are already retired and your Social Security benefit isn't enough to meet your needs, you're not the only one.

In 2021, the average benefit will be worth only $18,516, which is not enough for most people to make ends meet.

The best way to deal with a small Social Security check is to have a lot of other money saved up. After all, these benefits aren't meant to be your only way to pay your bills.

Moving to a  lower-cost area can help you in many ways. Obviously, if the fundamentals cost less, you'll be able to afford them with a small Social Security cheque.

Look at relocating to a lower-cost area

But there might be one more big advantage. If you own a home in an area with a high cost of living, you might be able to cash out the equity by moving.

If you filed for benefits less than a year ago, you will have one chance to take it back and try again.

Determine if you can rescind your claim so you can raise your benefit later

You will have to pay back all the benefits you got in the meantime. If you can do that, you can start over.

If you can't live on just Social Security, you might be able to make more money by getting a job.

Consider a part-time job

A retirement earnings test (RET) applies if you work while getting Social Security and are under full retirement age when you do it.