The first thing you should do with your social security check

Whether you are 20 years old or 10 years old before retirement, it is important to plan how you will supplement your income and spend your money during your golden years. For many future retirees, this means making a plan for their Social Security checks.

Americans 65 and over spend an average of about $ 50,000 per year on essentials such as food, shelter, transportation and health care, according to the 2019 Bureau of Labor Statistic Consumer Spending Survey . But the average monthly Social Security benefit for retired workers is $ 1,521.59 – which comes down to just $ 18,259.08 a year. If you plan to rely solely on Social Security, you’ll quickly find that this amount is probably not enough to fully fund your retirement lifestyle.

Still, you don’t want to blow your Social Security check. That’s why it’s important to budget carefully and spend your benefits wisely. Read on to learn more about what to do with your Social Security check.

Last updated: November 19, 2020