15 Things That Might Happen if You Retire on Social Security Alone

The average senior on Social Security today collects $1,657 a month. Combined with other income sources, that could make for a comfortable retirement. But if you attempt to retire on Social Security alone, you could end up facing a host of unwanted consequences, like the following 15 things.

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Even if your home is fully paid off in time for retirement, you may not be able to manage its property taxes, insurance premiums, and upkeep if you're limited to just Social Security income. So you may have to downsize to a smaller space whether you want to or not.

ALSO READ: How to Know When It's Time to Downsize Your Home

If you're limited to Social Security in retirement, you may be forced to relocate to an area of the country where living costs are cheaper. That could mean putting yourself far from family, friends, and the local amenities you've come to love.

Not having a lot of retirement income could mean facing some very tough days. Once you no longer have a job to go to, you might struggle to fill those waking hours, and if there's no room in your budget for leisure spending, you might quickly get bored.

Healthcare can be a huge burden for retirees. If you don't have a backup income source on top of Social Security, it could eat up a lot of your money, leaving you with little left over for other things. This especially holds true in light of rising Medicare costs.

If money is tight, you may decide to forgo certain medical care in an effort to conserve funds. That could, in turn, put you in a position where you end up harming your health or making a more easily treatable medical condition harder to address.

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If you don't at least bring an emergency fund with you into retirement on top of Social Security, you might instantly land in debt when an unplanned bill pops up. And if you're forced to fall back on credit cards, you could end up carrying a balance for years, to the point where you end up taking it with you to the grave.

ALSO READ: Do Retirees Need an Emergency Fund?

If you don't have income besides Social Security, you may end up putting family members in a position where they need to support you financially. That could stop them from meeting their own goals, whether it's buying a home, putting kids through college, or building their own retirement savings.

If you can't afford a home of your own, you may have to bunk with younger family members to make ends meet. And while there are benefits to multigenerational living, you might encounter some challenges, like extra noise and a lack of privacy.

Many people retire with the goal of not having to work. But if you don't bring savings into retirement, you may need to hold down some type of job to supplement your Social Security benefits. If you don't have the skills for a remote job, that could mean having to drag yourself to an in-person job several days a week.

Chances are, you've accrued your share of important possessions in your lifetime, whether it's jewelry or artwork. If you don't set yourself up with enough retirement income, you may have no choice but to sell those items for cash instead of keeping them or passing them on to your heirs.

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Even if you're a savvy shopper, you might struggle with grocery bills if you don't have a retirement paycheck outside of Social Security. And forget about those early bird specials -- dining out will likely be off the table completely.

ALSO READ: 6 Grocery Store Tips That Can Save You Money

If you own a home in retirement, you may end up having to borrow against it to supplement your Social Security benefits. That could mean leaving your estate with a home equity loan or reverse mortgage to pay off in the event of your passing.

As seniors age, the need for long-term care tends to arise. But if you don't have the money to pay for the care you need, you may create a scenario where family members have to compromise their careers or take time off of work to act as caregivers.

Retirement has the potential to be a laid-back, carefree period of life. But if you don't have enough income during it, you might feel constantly stressed about your finances, to the point where you struggle with mental health issues.

There's one positive outcome that may ensue if you retire on Social Security alone, and it's that you'll generally avoid being taxed on your benefits if they're your sole income source. But that's not a good reason to avoid building a nest egg. You're better off having a healthy income stream and losing a touch of money to taxes on your benefits than avoiding those taxes while struggling financially.

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Retiring on Social Security alone could mean setting yourself up for a tough retirement. A better bet? Make an effort to build savings during your career. You may need to start slowly and ramp up your savings rate over time. But if you make that effort, you could avoid a world of unfavorable financial consequences once your time in the labor force comes to an end.

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