Social Security: Navigating Retirement Challenges

For many retirees, relying solely on Social Security and a modest 401K may not be enough to comfortably get by. The average Social Security payment at age sixty-five is around $1,583 per month, but this varies, with men typically receiving more and women less. This amount is often insufficient to cover basic living expenses, forcing retirees to make tough financial choices. Financial advisors advise retirees to consider options like downsizing, relocating, or taking on part-time work. Delaying Social Security benefits until age seventy can also significantly increase monthly payments. Careful planning and smart financial decisions are crucial to avoid financial strain in retirement.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.