5 Things to Do Now if Social Security Won’t Be Enough

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Traveling, enjoying hobbies, helping others, hanging out with friends and family: Retirement is going to be a dream come true.

Unless you don’t have enough money to enjoy it.

In 2022, the average retiree check from Social Security was $1,666.49 monthly, or just under $20,000 per year.

Could you survive on that? Maybe. But thrive? Doubtful.

If things are looking tight, the answer is to save as much as possible before the big day arrives and to explore ways to add income and stretch your savings as much as possible.

Here are tips for anyone who’d like to have more money, especially those approaching retirement or already there.

1. Get cash without leaving home

You’ve worked hard to pay off your home’s mortgage. Now it’s time for your home to pay you back.

A reverse mortgage is a government-insured loan that lets homeowners 62 and older tap their home equity and turn it into cash. With a reverse mortgage, you get cash now. You can get paid out monthly or in one lump sum. It’s easy to use the money. And it can be used for anything you want — home repairs, bills, traveling and much more.

You’ve got options: If you qualify, Finance of America will pay off your house note and give you a chunk of the proceeds to use any way you like — while still living in your home. Because it is your home; you’ll hold the title until you die or choose to move elsewhere, provided you keep making payments.

Finance of America is a certified equal housing lender and one of the largest mortgage lenders in the United States, with a longstanding lending history of nearly 20 years.

See what a reverse mortgage loan can do for you. Get a free, no-obligation consultation.

2. Diversify your wealth with gold

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down; sometimes by a lot.

You can’t control the stock market or the world economy. But you can hedge against uncertainty by having other forms of wealth.

The oldest and most ubiquitous hedge is gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.

Don’t go overboard; most pros advise putting only about 10% of your portfolio into the King Midas metal.

And keep in mind that not everyone in the gold business is on the up and up. Be careful whom you deal with.

Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.

They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs. You’ll even receive up to $10,000 in free silver on qualified purchases.

Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look? Click here right now and get your free information kit.

3. Secure your retirement with a professional

Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.

But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.

A study by investment firm Vanguard found that, on average, a hypothetical self-managed $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.

Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.

They can also be there in case one day you’re not.

These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.

The process only takes a few minutes, and in many cases you’ll be offered a free consultation.

Nothing to lose, lots to potentially gain: Take a minute and check it out right now.

(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)

4. Protect your identity from scammers

According to the Department of Justice, last year more than 92,000 victims over the age of 60 reported losses of $1.7 billion from fraud, including romance scams, investment fraud, government impersonations and tech support fraud.

People who rip off the elderly have earned themselves a special place in hell. Don’t make it easier for them to steal your financial security.

Protect yourself by following simple rules like not clicking links in emails from strangers, not answering calls or texts requesting personal information, and protecting your identity.

One of the easiest ways to stop identity theft is with a monitoring service like LifeLock. It only takes a few minutes to enroll, then they’ll constantly scan for threats to your identity. If they find something shady, they alert you by text, email, phone or mobile app.

LifeLock is confident: Should you become a victim, you’ll get a free, U.S.-based specialist who will help you fix it, and you’ll be reimbursed funds stolen due to identity theft up the limit of your plan.

The cost? As low as $7.50 monthly. That’s pretty cheap peace of mind.

Identity theft protection won’t stop every crook and every scam. But it’s a good place to start. Go to their site right now, check it out and see if it makes sense for you.

5. Don’t let home repairs drain your savings

Maintaining your lifestyle requires maintaining your home, including all the things that can (and will!) break. And when they do, finding a reputable repair company on short notice is both stressful and expensive.

You already insure your home for fire and theft. Doesn’t it make sense to insure it against expensive repairs?

Check out American Home Shield. This company is Consumer Advocate’s No. 1 choice for home warranties. Depending on the plan, they cover almost everything that can go wrong: heating and cooling systems, electrical systems, plumbing systems, kitchen appliances, laundry appliances and more.

They protect your stuff no matter the age, and have a network of more than 17,000 contractors. If they can’t repair the covered item — they’ll replace it.

If nothing else, take a few seconds and at least see what it costs by clicking here.

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