5 Things to Do Now if Social Security Won't Be Enough

By : Raam Dhakad

KYD - Personal Finance

Unless you have enough money to enjoy it. Travelling, enjoying hobbies, helping others, hanging out with friends and family: Retirement is a dream come true.

In 2022, the average retiree's check from Social Security was $1,666.49 monthly, or just under $20,000 per year. can you survive on it? Perhaps. But successful? Suspicious.

If things are looking tight, the answer is to save as much as possible before the big day arrives and find ways to supplement income and grow your savings as much as possible.

Here are tips for those who want more money, especially those who are nearing retirement or are already there.

You've worked hard to pay off your mortgage. Now is the time to make your home pay you back.

If a substantial portion of your savings are in the stock market – as it should be – you are well aware that what goes up can also go down; sometimes many. So diversify your wealth with gold.

But there comes a time in life when it makes sense to get a second opinion. Sure, you've been successful in growing and managing your savings. Secure your retirement with a professional.

Those who rip off the elderly have earned their special place in Hell. Don't make it easy for them to steal your financial security. Protect your identity from scammers.

You have already got your home insured for fire and theft. Does it make sense to insure it against costly repairs? Don't let home repairs drain your savings.

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