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<\/a> Image source: Getty Images. <\/p>\nMissed Nvidia in 2009? This Rare Signal Is Flashing Again.\u00a0In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia.\u00a0For the first time in years, that same “Total Conviction” signal is flashing for a company 1\/100th the size of Nvidia.\u00a0Continue \u00bb<\/a> <\/p>\n The income gap <\/p>\n The average cost of living for an older household — including housing, food, and healthcare in retirement<\/a> — is $3,161. Of that, $662 is typically spent on food, and $650 is spent on healthcare. <\/p>\n The natural inclination may be to sacrifice one expense to pay another, but that leads down a dangerous path. The reality is that living on Social Security alone requires a fairly extreme lifestyle. <\/p>\n Extreme budgeting <\/p>\n Cutting things once covered by a discretionary fund is the first step. A senior living on Social Security benefits alone begins by cutting nonessentials, such as subscriptions, streaming services, gym memberships, and clubs. Cuts may extend to dining out, entertainment, travel, and gifts. <\/p>\n Next come the larger-ticket items, like stretching food budgets by buying cheaper staples, buying in bulk, and taking advantage of senior meal programs. <\/p>\n To free up money in the short term, seniors may postpone or forgo important expenses such as home maintenance, car repairs, eye care, or dental work. While that may be a short-term fix, skipping important services can lead to longer-term problems. <\/p>\n Cutting housing costs <\/p>\n The average retiree spends about 36% of their monthly income on housing. For a retiree living on a very tight budget, housing is likely one of the first expenses examined. It’s not at all uncommon for a senior living solely on Social Security benefits to reduce housing costs to stay afloat. Common approaches include: <\/p>\n Relocating from a high-cost city<\/a> or state to a lower-cost area where rent, taxes, and utilities are more affordable. <\/p>\n Using the equity in their current home to buy a smaller, less expensive home outright. <\/p>\n Renting a smaller home or moving to a senior housing complex. <\/p>\n Taking in a roommate, moving in with an adult child to share housing expenses, or building a “granny flat” (accessory dwelling unit) on an adult child’s property. <\/p>\n Other ways seniors cut costs <\/p>\n Here are some other ways costs are sometimes trimmed: <\/p>\n Using public assistance and community programs: Support from a nutrition program such as the Supplemental Nutrition Assistance Program (SNAP), a local utility assistance program, or Medicare-related programs that help cover healthcare costs can be helpful. Housing assistance programs and local senior-transportation services can also help. <\/p>\n Paying off debts before retirement: When a senior expects to live only on Social Security in retirement, they can make it a little easier by paying off high-interest debt before their last day of work. <\/p>\n Postponing retirement: Seniors can also maximize the amount of Social Security they receive by retiring later than originally planned. <\/p>\n In practice, getting by on Social Security benefits alone takes creativity. It may involve a blend of low housing costs, access to public benefits and local support programs, and a strong family or community network. <\/p>\n The\u00a0$23,760\u00a0Social Security bonus most retirees completely overlook <\/p>\n If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known\u00a0“Social Security secrets”<\/a> could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $23,760 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. <\/p>\n Many Americans leave money on the table in retirement. Learn more about these retirement strategies and more, available when you join Stock Advisor. <\/p>\n View the “Social Security secrets” \u00bb<\/a> <\/p>\n The Motley Fool has a disclosure policy<\/a>. <\/p>\n