6 Signs You Will Be Able To Live on Your Social Security Check
As you near retirement, you may wonder whether you will be able to live off your Social Security check alone. Social Security is a relatively modest source of income and can be difficult to live off if you are not disciplined. You can estimate your Social Security benefits using the Social Security Administrations Quick Calculator. This will give you an idea of how much you can expect to receive each month.
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If your Social Security check is less than desirable, youll want to be sure that your lifestyle can accommodate a lower income. Before you start collecting, take the time to review your expenses and adjust your spending habits. The more prepared you are, the better off you will be in the long run.
Here are six signs you will be able to live on your Social Security check in the future.
You Live in a Low-Cost State
Living in a low-cost state can help ensure that you are able to live comfortably on a lower income. Michael Hammelburger, CEO and financial advisor for The Bottom Line Group, explained, One of the most important indicators is the number of reasonably priced housing options that are available in their chosen state. It is a promising sign if the individual can locate rental properties or housing that is priced at a level that is comparable to their Social Security income.