Many don't notice how low of a financial bar Social Security is. Here are some tips for navigating retirement. Realizing this truth is the first step to a brighter financial future and adding some shine to those golden years. Most living expenses are going up, not down, which makes Social Security much more of a financial crutch than the safety net many think it is. ![]() That's not even factoring in a laundry list of other living costs like utilities, medical care, and groceries. That's increased by 17% from the $1,100 it was the prior year! Not only is that rise far more than what this year's COLA will cover, but for those who depend entirely on their benefits, that's 77% of their income. As a reminder, the average retired Social Security recipient receives $1,669 per month in benefits.Īccording to Statista, the average rent in the United States in 2022 is $1,295 per month. You might be wondering how much Social Security can cover once you revisit how high living expenses are these days. I wrote about it then and illustrated how some basic living expenses could quickly eat up a retiree's benefits. ![]() This year's COLA is a step up from last year's 5.9%. ![]() The math behind Social Security falls apart rather quickly
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