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No pension or 401(k)? How to get by on Social Security

Cheapism Logo By Mia Taylor of Cheapism | Slide 1 of 25: Most people heading into retirement aren’t worried about what to do with all that free time — instead, they’re wondering how they’ll afford it. The Social Security Administration says about 21 percent of married couples and 43 percent of single seniors rely on Social Security for more than 90 percent of their income. Unfortunately, the benefits typically only replace about 40 percent of a worker’s pre-retirement earnings. Cheapism asked finance experts around the country for tips to help make ends meet on Social Security alone.

GETTING BY ON SOCIAL SECURITY

Most people heading into retirement aren’t worried about what to do with all that free time — instead, they’re wondering how they’ll afford it. The Social Security Administration says about 21 percent of married couples and 43 percent of single seniors rely on Social Security for more than 90 percent of their income. Unfortunately, the benefits typically only replace about 40 percent of a worker’s pre-retirement earnings. Cheapism asked finance experts around the country for tips to help make ends meet on Social Security alone.

Click ahead for tips  to make it easier.

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