Is Living on Social Security Enough?

Recently the New York Times stated in the article “The Tight Wire Act of Living Only on Social Security,” the Social Security Administration reported:

• 23% of married couples and 46% of single people receive at least 90% of their income from Social Security.
• Over half (53%) of married couples and 74% of unmarried people receive 50% of their income from Social Security.

This large group of people is most likely struggling to make ends meet on a limited budget and little retirement savings.

Another report by AARP claims that 3 out of 5 families headed by a retiree over 65, who were surveyed, had no retirement savings. For many, retirement can be a time of significant change in health, housing, and lifestyle which all potentially result in increased expenses. Many seniors who rely solely on social security checks for income are living month-to-month. 

Single retirees struggle with housing, food, health care, insurance and other living expenses on their own. Married couples or people living together often have a slight advantage because they live in the same home and can share expenses, such as utilities.

Many retirees have a difficult time determining if the finances they budget will provide them with the retirement lifestyle they desire. If this is the case for you, or if you would like to have a more secure financial future, it may be beneficial to look into other financial opportunities.

The Reverse Mortgage Loan is one financial option that enables homeowners aged 62 years or older to access a portion of their home’s equity to provide funds for whatever their needs may be in their financial situation.

Try our reverse mortgage calculator to determine an estimate of how much you may be able to receive from a Reverse Mortgage Loan.