The 3.2 percent Cost-of-Living Adjustment (COLA) for Social Security benefits in 2024 undoubtedly provides some relief for seniors, cushioning them against the rising tide of inflation.
This adjustment acknowledges the increasing cost of living, offering a slight reprieve to those relying solely on Social Security. While the boost is a step in the right direction, it may not entirely bridge the gap for those depending solely on these benefits.
Seniors facing the challenge of making ends meet with Social Security alone might consider additional strategies to enhance their financial well-being. Though experts don’t recommend relying solely on Social Security, here’s how you can make due if you have to.
Can You Live Off Just Social Security in 2024?
What can seniors do to live off their Social Security? First and foremost, creating a budget tailored to their income is crucial. Prioritizing essential expenses and cutting back on non-essential ones can help stretch those dollars further.
Exploring supplemental income streams is another avenue for financial stability. Part-time employment, remote work opportunities, or gig economy engagements can provide an extra layer of financial support.
Additionally, seniors might consider tapping into community resources, such as local food banks or assistance programs, to alleviate some of the financial burdens.
Financial planning and seeking advice from professionals can empower seniors to make informed decisions about their finances. Exploring government assistance programs, such as Medicaid or Supplemental Security Income (SSI), might provide additional support based on individual circumstances.
While the 3.2 percent COLA is a positive development, seniors should view it as one piece of the financial puzzle. A holistic approach that combines budgeting, supplemental income, and leveraging community resources can contribute to a more secure and comfortable financial future in the face of the challenges associated with living off Social Security benefits alone.
