Living on Social Security in retirement requires a different kind of budgeting mindset. With income largely fixed, the challenge shifts from earning more to managing tradeoffs, anticipating rising costs and building a plan that holds up over time.
Any Social Security-based budget has to start with a realistic look at income. For most retirees, benefits alone provide a modest and fixed monthly amount. According to Christopher Stroup, a CFP and owner of Silicon Beach Financial, benefits average around $1,900 to $2,000 per month for a single person and roughly $3,000 to $3,300 for a married couple.
