At 60 I have nothing for retirement and no plan except Social Security. Now that I've been laid off, how can I survive?

Core Insights - Delaying Social Security benefits until full retirement age or age 70 can significantly increase monthly payments, with an 8% increase per year after full retirement age, leading to approximately 124% of the full benefit for those born in 1960 or later [1][5]. Financial Security and Retirement Savings - A survey by AARP indicates that one in five Americans over 50 have no retirement savings, and 61% are concerned about insufficient funds for later years [5]. - The average Social Security payment for retired workers is $2,006.69 per month, which may be lower for those who claim benefits early [5]. Strategies for Financial Stability - Individuals approaching retirement with little to no savings can still achieve financial security by making informed decisions [4]. - Increasing income through part-time work or gig opportunities can provide necessary funds while delaying Social Security claims [11]. - Building emergency savings in high-yield accounts can prevent early withdrawals from retirement accounts, with Wealthfront Cash Account offering an APY of 3.50%, potentially increasing to 4.15% for new clients [9][10]. Cost-Cutting Measures - Creating a zero-based budget can help track expenses and identify areas for cost reduction [14]. - Utilizing apps like Rocket Money can assist in managing finances by tracking expenses and negotiating lower rates on bills [15]. - Downsizing living arrangements or sharing housing can significantly reduce housing costs [17]. Assistance Programs and Resources - Organizations like AARP provide resources for older Americans, including discounts and guides for maximizing Social Security and Medicare benefits [20]. - Local public housing agencies may offer housing vouchers, allowing tenants to pay approximately 30% of their adjusted income toward rent and utilities [21].