Retired and Struggling on Social Security? 4 Ways Downsizing Could Help

Many seniors face financial difficulties when relying solely on Social Security, as the average monthly benefit of $1,976 offers limited support. Downsizing their homes can alleviate financial strain by reducing housing costs, lowering property taxes, and decreasing utility expenses. A smaller living space typically means lower rent or mortgage payments, less maintenance, and potentially lower property taxes. This approach allows retirees to retain more of their income for essential expenses, thus improving their financial well-being in retirement.

"Your rent or mortgage payment could drop; it commonly costs less to own or rent a smaller home than a larger one within the same neighborhood."

"Even if your home is paid off, property taxes are a recurring expense that never goes away. Downsizing could result in a smaller property tax bill."

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