Retirees are often living on a mix of fixed income, a pinch of nest egg and a dash of Social Security benefits that may be significantly less than their former salary. Without proper planning, finances can spiral out of control, causing chaos and long-term hardship. Spending a couple of hundred dollars upfront can help retirees create a solid budget and develop a deeper understanding of their financial situation. Up Next: I’m Retiring a Multimillionaire: Here’s What I Wish I Knew in My 30s Try This: How Fa ...

Social Security, that safety net for millions of Americans is facing an insolvency crisis that could hit as early as 2033. If nothing is done to solve that problem, benefits could be cut by as much as 24% for everyone, leaving the average retired couple $18,400 short of expected annual benefits, according to the U.S. Committee for a Responsible Budget. Find Out: 3 Little-Known Social Security Rules That Could Save You Thousands Try This: 5 Types of Cars Retirees Should Stay Away From Buying If you’re near ...