old elderly walking

Here are 10 strategies that retirees are using to drive down bills or drive up income, since Social Security only covers about 40 percent of the income they had while working.

Given that tens of thousands of near-retirees have little to no retirement savings, it's useful to examine how retirees already dealing with a tight, fixed income cut expenses. 

And while some techniques are downright hazardous—cutting dosages on their medications, for instance, or simply not filling prescriptions, or even foregoing health/dental care altogether—other strategies can be helpful, if perhaps not pleasant. (Photos: Shutterstock)

It's no surprise that older Americans are having to get pretty creative to survive on retirement income that's just not up to the challenge of paying for a comfortable life here in the U.S. And while some techniques are downright hazardous—cutting dosages on medications, for instance, or simply not filling prescriptions, or even foregoing health/dental care altogether—other strategies can be helpful, if perhaps not pleasant. Related: 5 ways to address the retirement crisis Social Security only covers about 40 percent of the income seniors had while working.  And only about 7 percent of seniors receive the multiple streams of income -- also known as the "3-legged stool" of retirement income (Social Security, defined benefit pension, defined contribution savings) -- that experts say is necessary for a secure retirement. So it's not an exaggeration to say that many people in retirement are looking for ways to boost their income or cut their expenses—or both. And many more future retirees will be looking to do the same. READ MORE:
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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.