Retirement can be an exciting start to a new life. With all the hard work under your belt, it is worth getting there. Life as a retiree can offer many benefits, including a social security check. Budgeting for retirement plans according to a person’s social security and their doled benefits. $1,260 is the average American’s social security check’s sum. Now the question is, what can you buy with that? Unfortunately, it is not enough to survive on, as it will not sustain a standard of life but only to relinquish about forty percent of all the person’s total earnings. But, if one tries, it can be stretched enough to cover some necessary expenses. With that in mind, here are some things you can buy with an average American’s social security check.
One-bedroom apartment
Several cities in various states easily allow you to rent an apartment on an average social security check for under $1000. Like El Paso, Texas, some cities can even help stretch that check for two months with rents as low as $500. Other cities like Cincinnati, Columbus, Ohio, Waterbury, Connecticut, and Boise, Idaho offer cheap rents that help massively support one living on the check. If someone is entirely dependent on their social security check for their income, then spending less money must be implemented to cope with expenses successfully.
Roughly four months of provisions
According to survey estimates, $265 is spent on groceries each month by 65-year-olds and older. If this is the case, the average social security check can last more than four months for supplies. Even with these figures, eating out is a doable notion. Going out for lunch instead of dinner or taking advantage of deals and visiting restaurants is not out of your range of options.
Buy a great smartphone
The Apple iPhone X is out and strung with a retail price of $999, which makes it affordable to some. However, there are so many other options available that are much less expensive. It is notable to state that the costs do not cover cellular charges, so that must be kept in mind. With the average social security check, though, you can cover it along with the cost of the phone. And, needless to add, the phone is worth the money if you do not need the check as other vitals are covered and looked after. If you do not focus on different vital aspects of your life, buying such an expensive phone is a disastrous idea. Instead, go for a $50 phone with a cellular package of $20 per month from Consumer Cellular. This check can cover your cellular expenses for at least a year.
Pay mortgage
Some states, like Ohio and West Virginia, offer the lowest monthly mortgage payments in the country. And in these states, an average social security check can even pay for a mortgage. It is, however, limited to twenty-eight percent of your income so that monthly payment plans can look like $352 a month. The $1,260 can even pay the mortgage and offer other securities like groceries and transport fares by covering other expenses. However, it is wise to back one up with double the social security paycheck to be on the safe side and think practically.
Part B Medicare insurance
Part A Medicare Insurance is covered under the policy if anyone possesses more than forty work credit quarters. Part B, however, is not. Depending on the income or earnings of an individual or the average social security check, it can vary. It is at least $135 per month. Part B has services such as lab tests or wheelchair assistance and supplies. A yearly deduction of about $185 will be required, after which twenty percent is paid for covered services.
Pebble Beach for golf
Are you ready for two rounds of blissful golf at the beautiful Pebble Beach, California? If you are a golf enthusiast, your social security check can last for about a couple of rounds there with some much-needed relaxing golf if you can afford it. From your statement of about $1,260, approximately $625 of your average social security check would enable you to play two good rounds of the sport you love. These costs include a caddie and a cart. It is an experience not to be easily forgotten, but it is not the best use of the monthly paycheck that helps you get by month to month. Although all other financial aspects are covered, a game of golf does the heart and mind good!
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