I’m 65 and have no retirement savings, but I’ll be receiving a Social Security check every month — can I live comfortably on that alone?

Let’s say you’re 65 years old and set to retire in a few months. You don’t have any retirement savings, but you’ll receive a monthly Social Security check of $1,900 — just slightly more than the $1,800 monthly average for retired workers as of June 2024.

Is it possible to live comfortably on what amounts to an average of $23,000 a year? Instead of waiting to find out the hard way, check out these three ways you can make your retirement dollars go further

Consider downsizing your home

Whether you rent or own property, one way to help free up some money in your retirement years is to downsize your home. According to the U.S. Census Bureau’s 2022 American Community Survey, 33.3 million Americans were mortgage-free.

If you no longer need the same square footage you once did when you were working or had more dependents, you can even consider looking outside your home city or state for areas where property taxes are lower and insurance costs aren’t as high.

This applies to renting as well. According to Apartment Advisor, in West Virginia, Kansas, and Arkansas the median rent for a one-bedroom is $725, $755, and $825, respectively. That’s significantly lower than the national average rent of $1,536 per month.

That doesn’t mean stop investing in real estate

While the growing price of real estate can be a good thing if you already own real estate, it’s made things increasingly hard for those looking to buy homes as an investment or to retire in.

Fortunately, whether you rent or own, platforms like Arrived allow you to benefit from the hot rental market as an investor.

Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes and vacation rentals, without taking on the responsibilities of property management.

Getting started is simple: browse through a curated selection of homes (each vetted for their appreciation and income potential), and choose the number of shares you want to buy.

You can start investing in real estate with as little as $100.

Cut costs, boost savings

Another way to get more out of your Social Security check is by prioritizing value.

For instance, your home is likely the biggest financial investment you have made. While it’s essential to keep that asset protected, it’s also important to make sure you’re not overpaying for monthly necessities like home insurance.

Normally, shopping around for insurance quotes takes forever and it's a hassle to field multiple phone calls from different insurance agents.

With BestMoney, you’ll be able to find the lowest prices on home insurance online in just a few minutes.

Comparing rates is free and simple. Just fill in your bit of information and BestMoney will instantly sort through over 200 insurers to help you find the best deals available in your area.

Of course, if you have a vehicle parked in the driveway, there’s also auto insurance to consider.

As personal finance celebrity Dave Ramsey has noted on his show, owning a car can keep people living paycheck to paycheck.

To save money, consider selling your car and using public transportation or rideshare services. If you need a car, trading it in for a cheaper model can also help reduce costs in retirement.

Depending on your driving history and the make and model of your car, there are some insurers that can offer you far less than what you're currently paying.

Thanks to OfficialCarInsurance, comparing multiple insurance companies is easier than ever.

All you have to do is answer a few some quick questions: your age, your home state, the type of vehicle you drive and your driving record.

Based on your answers, they’ll sort through leading insurance companies in your area, so you can find the lowest rate possible.

Work while receiving benefits

One upside of Social Security is that you can still work and earn benefits. Mind you, your Social Security deposits can be reduced if you earn above certain limits while receiving them.