12 Resolutions if You Plan To Live on Just Social Security in 2025

It’s not easy to live on Social Security alone. The average Social Security benefit is roughly $1,900, although some recipients get more and others less.

However, it is possible for savvy spenders to fund their golden years with Social Security and no other source of income.

Committing to the financial New Year’s resolutions below will help you make the most of your Social Security-based income in 2025.

Unless you’re a financial wizard, it can be hard to plan a retirement budget yourself. So, if you want to get ahead financially, you might need a little help.

A financial advisor can help you crunch the numbers so you can pinpoint exactly what you can and can’t afford when living on Social Security alone.

In the lead-up to retirement, it’s wise to pay off as much debt as possible, especially high-interest debt such as credit cards.

The longer you wait to pay off debt, the more interest you’ll end up paying over time. That will eat into your budget in retirement.

Of course, you might not be able to eliminate all of your debts before retiring, especially if you have a mortgage payment.

Still, you can keep your finances on track by at least staying away from new debt that will only put more unnecessary strain on your finances.

Some mortgage payments that are affordable with a full-time paycheck might become less manageable when your only income is a Social Security check.

Downsizing to a smaller home can help you secure a lower mortgage payment. Expenses such as energy bills and property taxes also might fall.

Medical expenses can eat up a massive chunk of any retiree’s budget. While you can’t avoid every medical expense, exercising regularly and committing to a healthy diet can help you stay healthy for longer.

The healthier you are, the more you are likely to avoid spending a lot of money on health care.

If you’re living alone or have a spare room in your home, consider renting some space to a roommate.

Splitting housing costs and utility bills with another person frees up your budget for other critical expenses, and the companionship could be an added benefit as well.

If you live in a city or state with a high cost of living, your Social Security income won’t go nearly as far as it would in a cheaper region.

Relocating to a state with lower income taxes, sales taxes, and property taxes can help your benefits stretch further.

Reverse mortgages aren’t for everyone, especially those who want to leave property behind for beneficiaries when they die.

However, a reverse mortgage can free up equity in your home and provide you with a stream of income for the rest of your life. A financial advisor can help you decide if a reverse mortgage is a good fit for your situation.

Once you turn 65, you qualify for the federal government’s health insurance program, Medicare. But Medicare doesn’t cover every cost

On the other hand, Medicaid — a similar program for low-income Americans — is likely to cover more costs. See if your income is low enough to qualify for the program.

To make life work on a fixed income, you need to cut out anything that your budget can’t accommodate. This means taking a hard look at monthly expenses.

Decide what you can do without, whether that’s eating out on the weekends or subscribing to multiple expensive streaming services.

Do some research to find out which discounts and free services are available to seniors in your area.

For instance, your local grocery stores might offer senior discounts on certain days of the month. Your public library might offer senior-specific free services, such as budgeting seminars or free tax help.

Driving can become more difficult as you age, and that can turn your car into a burden rather than a benefit.

If you live in a relatively walkable area with a solid public transportation system, consider getting rid of your car sooner than later and switching over to ride-sharing.

You’ll save on gas and maintenance costs while hopefully earning a lump sum through the sale of the car itself.

Living solely on Social Security can be a challenge. However, if you plan far enough in advance and stick to some crucial financial resolutions, you can look forward to a stress-free retirement on a modest income.

Even if some of these goals seem small, commit to them anyway. Remember, small actions add up over time, and the pennies you save now can pay off in a big way down the line.