Relying only on Social Security for income can result in significant financial strain. Many individuals find themselves struggling to meet basic needs, such as rent, when their monthly benefits fall short. In a Reddit post example, an individual receiving $1,056 per month faces a high rent of $1,600, showcasing the stark reality many face. It is essential to not only save for retirement beyond Social Security but also explore available housing assistance and government benefits to mitigate financial hardships. Seeking guidance from a financial advisor can also provide valuable insights in planning for a more secure future.
If you only have Social Security as income, you may struggle financially, and saving for retirement is crucial to avoid reliance on these benefits.
It's vital to seek assistance if struggling to afford rent solely with Social Security. Exploring housing options and government benefits is recommended.
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