Budgeting for a fixed income

I have recently retired at 64, earlier than I had wanted to, and find myself trying to live on nothing but my social security, which is just under $1000 a month.  I know I am not the only one, so thought it might be interesting to start a conversation about that.  I do have some savings, which I will obviously need to tap into as I adjust to my new financial status.

My first hurdle was finding an apartment that I could afford, and I recently moved to a senior building that is partially subsidized (Section 8).  I qualify for the subsidy, which will make my rent just 30% of my income after health care costs have been deducted.  However there is a waiting list so I am – well, waiting.

Now I need to find cheaper health insurance to tide me over until I am old enough for Medicare.  I’ve heard about CHAS, and will be looking into that.  Has anybody had any experience with them?

I may qualify for food stamps, and hope to fill out that paperwork this week.  I would much rather be working, but so far have just not been able to find a job so I think I need to prepare for the chance that I won’t.

Anybody out there in my shoes?  Any ideas for me?




1 thought on “Budgeting for a fixed income

  1. Hi Kirby, and thanks for your post. I know you are right – many boomers and seniors are facing a different sort of retirement than what we had dreamed of, and coming up with creative ways to make that work is difficult. I hope our readers will have ideas, and will be posting a few myself. But meanwhile do know you’ve found the right place for support and suggestions from your peers. Welcome!

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