I’ve Been on Social Security for 2 Years — Here’s How My Finances Have Changed

Core Insights - Transitioning into retirement involves significant financial adjustments as individuals shift from full-time work to focusing on personal interests and family while managing their finances effectively [1] Day-to-Day Living Expenses - Retirees often allocate their income from Social Security and other savings to cover regular expenses such as food, mortgage, and utilities, while occasionally dipping into savings for larger expenses like home renovations [4] - The D.C. retiree and spouse chose to remain in their current location to be close to family, despite considering more affordable living options if not for their children and grandchildren being nearby [5] Financial Planning and 401(k) Utilization - The couple has not yet accessed their 401(k) plans, relying instead on other savings, as they are not yet of the age to take mandatory withdrawals [5] - Early and consistent contributions to 401(k) plans have been emphasized as a key strategy for building retirement savings, with the retiree noting the significant benefits of participating in these plans since their introduction [6]