I have previously written on this subject (see Can Boomers Retire on Social Security Alone? and Advice for Baby Boomers Living on Social Security) and the purpose of this post is to provide an update. Why now? Because a majority of Baby Boomers find themselves going through tough times during the current coronavirus recession and there is no end in sight.
Yes, one can retire on social security alone. It’s tough and you have to be creative, but millions of Baby Boomers are doing it (refer to the above posts for more information).
Here are some current articles on this subject:
- 7 Tips to Live Well on Social Security Alone
- Best Strategies to Retire on Social Security Alone
- Taking Social Security in the Pandemic: What to Know
- Living on $738 a month: As Boomers hit retirement, Social Security more important than ever
- How to Have a Comfortable Retirement on Social Security Alone
- 11 Ideas for Living on Social Security Alone
The bottom line is that the majority of Baby Boomers do not have the proverbial $1 million in assets investment managers urge to have a dream retirement. Most of us have much less. Social Security is a huge part of our retirement bucket, supplemented by some home equity and perhaps savings and a few stocks.
No matter what your situation, it is still possible to achieve a comfortable retirement if you are open to creative alternatives. These may include downsizing or moving (perhaps south of the border), or pooling funds with friends. Trimming expenses is certainly part of the equation. Learning how to get more “bang for the bucket” is also necessary.
Don’t be discouraged – Millions of Baby Boomers are succeeding in turning lemons into lemonade, and you can too.
