Proposed Social Security cuts come in many forms some of which are disguised as no cuts at all but amount to the same thing.
That’s the case with proposals to raise the full retirement age for collecting benefits.
which has the backing of more than 170 members of Congress.
1. A Second Car Cutting out a car payment along with the taxes, fees, fuel and maintenance that go along with it can help bolster your finances in the event of Social Security cuts.
2. Dining Out If the thought of prepping food and pulling out pans makes you cringe, you can still get prepared meals at your local supermarket that cost a lot less than restaurant meals.
3. Impulse Purchases Impulse spending on big ticket items like vacations and new electronics can take a big bite out your budget. Soon enough you’ll find that you can get by fine without these items.
4. Peak Travel Costs Now that you have a more flexible schedule you can save a lot of money on hotels, air fare and car rentals by traveling on weekdays and during off peak seasons. Flexibility also lets you take advantage of last minute discount offers.
5. Kids’ Expenses A recent survey of 1,000 parents with kids ages 18 to 42 found that more than half (55%) still help their adult children financially. But when you are living on a fixed retirement income under the threat of Social Security cuts it might be time to cut the financial cord.
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