Retiring Is Easy, Staying Retired Is Difficult.
We Specialize In Keeping You Retired.
Why You Shouldn’t Plan on Retiring on Social Security Alone in Seattle
According to the Motley Fool, the average monthly Social Security check is $1413.08. Multiply that by 12 and it works out to approximately $16,956.96 per year that the average individual receives from Social Security in 2017.
Now calculate your living expenses. Seattle has a cost of living that is approximately 45% higher than the rest of the country, according to payscale.com. The biggest contributor to this high cost of living is housing. While it’s not quite at the level of San Francisco, Seattle’s housing market is booming and the price to buy or rent a house is soaring.
Think about this: According to expatistan.com, the average monthly rent for a 900 square foot furnished apartment in an expensive area is $2496 per month, and even in a normal area of Seattle, it’s still $1980 per month. That alone is more than the entire average monthly Social Security check. So much for being frugal.
On top of that, you need all the other things that come with a price tag for your daily life.
- Toiletries & Hygiene
Except for electricity, which tends to be cheaper than Washington than in other states, you can expect to pay more than the national average for basic living expenses in every category.
If you were to retire this year and depend on Social Security alone, it wouldn’t go very far, would it? But if you’re retiring in the next 5, 10, 20, or 30 years, you have time to do something about it and put yourself into great shape for your retirement years.