Delay Social Security: One of the most effective ways to increase your Social Security benefits is to delay retirement until you reach full retirement age or later. Each year you delay claiming (up to age 70) increases your benefit amount, providing you with a higher monthly income for the rest of your life.
Open an IRA and maximize contributions: If you are still working, consider opening an individual retirement account (IRA) to build additional retirement savings and supplement your Social Security income. Even after retirement, contributing to an IRA can provide tax advantages and grow your savings.
Move to a lower cost of living area: Consider relocating to a cheaper place with a lower cost of living. This can help stretch your Social Security benefits further by reducing expenses on housing, utilities and other necessities. Some retirees find that moving to a different state or even a different country can significantly improve their financial situation.
Pay off debt or mortgage before retiring: Reducing or paying off debt before retirement can free up more of your Social Security income for daily living expenses. Paying off your mortgage or other loans before you stop working can provide greater financial security and reduce the burden of fixed monthly payments during retirement.
Consider shared housing arrangements: Living with a roommate, such as living with family members or house-sharing with other retirees, can help reduce living costs. This arrangement can lower housing expenses and provide additional social benefits, reducing the isolation that some retirees experience.
Research community assistance programs: Many communities offer assistance programs for seniors, including help with healthcare costs, food, housing and utilities.