Seniors who depend solely on Social Security in retirement are up against some tough math. The average Social Security retirement check as of April 2024 was $1,830.71 a month, according to the Social Security Administration. That’s barely enough to cover the median rent in the biggest U.S. cities, which Realtor.com estimated was $1,732 a month as of May 2024.
Even if you get the maximum Social Security check — $4,873 a month in 2024 — it still won’t go very far once you factor in housing, groceries, utilities, healthcare and other essentials. The vast majority of retirees don’t get anywhere near the maximum. Many live near the poverty line, which in 2024 is $15,060 a year, or $1,255 a month, according to HealthCare.gov.
Moving to a cheap city is one way to deal with the problem. Another is figuring out ways to trim your monthly budget, though if you depend solely on Social Security, you’ve probably already done that.
That leaves earning extra income or selling off unneeded assets and using the proceeds to help pay the bills. If you live only on Social Security, here are five things to consider selling.
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Your Home
Selling your home and downsizing to a smaller, less expensive one is one of the standard moves for people who are at or near retirement age. If you own your home and it’s too big for your needs, put it on the market. Chances are you will make a nice profit on the sale given recent housing trends. You can use the proceeds to buy a cheaper home and put any profits toward living expenses.
A Second Car
Once you retire and start collecting Social Security, you probably don’t need a second car anymore because there are no more weekday commutes to the office or work site. The average used car price in the U.S. was $25,571 in April 2024, according to Kelley Blue Book. That kind of money could come in very handy if you are on a tight budget.
Expensive Collections
Many retirees have spent a lifetime collecting things such as stamps, coins, memorabilia or vintage toys. While these items might have sentimental value, they might also have significant financial value. Selling them can help fund your retirement. Find a reputable dealer to assist in the process to make sure you get full value when you sell.
Jewelry
As with collections, jewelry might have sentimental value — and financial value as well. You don’t necessarily have to sell the pieces that you treasure personally. But if you’ve amassed a large collection of jewelry and watches you no longer wear, you can sell some of them for a lot of money. Again, contact a reputable dealer to ensure you maximize the sales price.
Furniture
If you’ve downsized your living space or want to embrace a more minimalist (and affordable) lifestyle in retirement, selling off excess furniture and other household items is both liberating and financially beneficial.
