Laura Beck
Aug 18, 2024
Anthony DeLuca, expert contributor for RetireGuide.com, suggested a long-term strategy: “Perhaps an obvious way to make more of your Social Security check is to delay monthly payments until you optimize at age 70.”
The article provides practical strategies to help retirees maximize their Social Security benefits. It highlights seven ways to stretch Social Security checks and offers additional tips from financial experts.
Key Strategies:
Create a Budget: Tanya Peterson from Achieve emphasizes the importance of having a clear budget. “The starting point should be your goals...write all your goals down, and then build your budget with them in mind,” she said.
Join a Warehouse Club: Peterson suggests retirees consider warehouse clubs, as they offer savings on nonperishable and individually packaged items. If quantities are too large, she advises, “Purchase and split up goods with family, friends or neighbors.”
Reevaluate Your Life Insurance: Peterson recommends assessing whether large life insurance premiums are necessary in retirement. Redirecting these funds to the daily budget could be more beneficial.
Be a Smart Grocery Shopper: Peterson advises planning meals around sales, using digital coupons, and buying seasonal produce. “You can generally save up to 15%,” she noted.
Use Technology to Your Advantage: Peterson suggests using a smartphone for checking unit prices and emphasizes that mid-sized packages often offer better value.
Cut Down on Utility Costs: Peterson shares energy-saving tips like adding weather stripping and using shades strategically to lower utility bills.
Consider Delaying Your Benefits: Anthony DeLuca from RetireGuide.com advises delaying Social Security payments until age 70 to increase monthly benefits by 132%. “If you can afford to do that, it’s worth exploring,” he said.
Additional Tips from DeLuca:
Buy generic brands: “The reality is such: the food tastes the exact same. Sometimes, it’s more on the chef than the material,” he noted.
Look for affordable alternatives to name brands online.
Explore free or low-cost local activities: “There are so many free or low-cost activities that exist in any state that will help save hundreds of dollars a year,” DeLuca said.