Social Security Isn't Enough To Live On, But These 8 Things Could Help

Most people find that Social Security benefits aren't enough to cover their expenses. While those monthly checks provide a foundation, many Americans need to find additional ways to supplement their Social Security benefits to maintain a comfortable standard of living.

If you frown every time you see your benefits deposit, try these money-saving tips and habits for a more comfortable retirement.

Unlike Social Security benefits, SSI is a needs-based program that provides monthly payments to help cover basic necessities for low-income individuals. It's especially helpful for those who haven't worked enough to qualify for full Social Security or whose benefits fall short of meeting essential expenses.

More than 74,000 people received both Social Security and SSI benefits in June, with an average monthly payment of $717.75.

Besides newspaper and flyer coupons, websites like Groupon, RetailMeNot, and Capital One Shopping offer coupons for nearly every store or product.

Try a quick Google search using the word "coupon" and the name of the store or item before you make a purchase. You'll likely find a discount to keep more money in your pockets.

Many businesses offer discounts to people over a certain age. Some even offer senior discounts before you turn 65 across a wide range of spending buckets:

• Retail stores: Kohl's, Bealls, Ross
• Cruises: Royal Caribbean, Carnival Cruises, Vacations by Rail
• Leisure: AMC Theaters, National Parks, Silver Sneakers
• Hotels: Cambria Hotels, Marriott, Wyndham Hotels

Call ahead and ask when the discount applies.

Many seniors miss out on food programs, with less than 50% of eligible seniors using the Supplemental Nutrition Assistance Program (SNAP). The USDA offers food boxes through the Commodity Supplemental Food Program (CSFP) for low-income seniors over 60.

You might qualify for free meals through Mom's Meals if you have Medicaid, and some Medicare Advantage plans offer food for chronic conditions.

A recent survey found that 65% of Americans were considering finding a job despite receiving Social Security. Going back to work is one of the most flexible and effective ways to supplement your Social Security income. 

Whether you want to get a job at a popular retailer or do something remote from home, there are a ton of options and you can find one that'll work for you.

A whole life policy can build cash value over a long period. Your money grows tax-deferred, which you can access through tax-free loans, and withdrawals are tax-free up to the amount you paid in premiums.

Your insurer may also pay you a dividend, but it's not a guarantee, and the dividend amount may fluctuate year-to-year. You can take it as cash or add it to the policy's cash value.

It's probably time to move to a smaller house now that the kids have left. Downsizing to a smaller home can cut your monthly costs significantly and free up money for fun or to take care of more pressing issues.

It's your best chance to swap that big house for a cozy beach spot, or you can even move to an independent living community.

Diversifying retirement plans increases your income streams, offers tax benefits, and reduces the risk of inflation.

Retirement savers should try these:

• IRA and 401(k) accounts offer tax-deferred growth.
• Taxable brokerage accounts are great for flexible investing. You will pay taxes on gains and dividends, though.
• Annuities promise lifetime income with fixed or variable returns.
• HSAs offer tax benefits and can be used for any purpose after age 65; you will pay tax on non-medical withdrawals.

While Social Security provides some funds, it often isn't enough to support the retirement lifestyle many people hope for. Fortunately, there are numerous ways to bridge the gap. 

Whether you want to fill some hours with a part-time job or decide to become a coupon expert, there are plenty of ways to extend your retirement savings a bit further.

With a little planning and resourcefulness, achieving a more stress-free retirement is a real possibility.