Getting By on Social Security
Most people heading into retirement aren't worried about what to do with all that free time — instead, they're wondering how they'll afford it. Social Security benefits will get a bump of 5.9% in 2022 — the biggest cost-of-living adjustment since 1982, thanks to pandemic-related inflation — working out to $92 more for the average retiree receiving $1,565 a month. But if you're among the many seniors relying on Social Security to make ends meet, that's hardly a windfall, since benefits typically replace only about 40% of pre-retirement earnings. Here are some expert tips on how you can get by on Social Security alone.
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