Struggling to Cover Your Costs in Retirement? 3 Questions to Ask Yourself.

If you're having a hard time paying your bills in retirement, you're surely in good company. But that's a situation you shouldn't ignore.

It may be that you're hanging on now. But what if inflation continues to pick up and your Social Security benefits can't keep pace? And what if you're starting to whittle down the savings you accumulated?

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Rather than continue to struggle, here are three key questions to ask that could help you improve your financial situation.

1. Is getting a job feasible?

Many people associate retirement with not working. That's understandable. But the reality is that a part-time job could be your ticket to a better financial place.

And in case you're wondering, you are allowed to work while collecting Social Security. In fact, there's no negative impact at all if you've already reached your full retirement age.

Otherwise, there's an earnings limit to be mindful of, as exceeding it could result in temporary benefits withholding. But all told, a part-time job could boost your income and give you more breathing room. And if a traditional part-time job doesn't work for you, you can explore gig work instead.

2. Is it time to consider downsizing?

You may have sentimental or even logistical reasons for wanting to stay in the home where you raised your family. You might like your neighborhood and socialize frequently with the people who live around the corner.

But if you're hanging on to more space than you need and it's a struggle to keep up with maintenance, insurance, and property taxes, it may be time to consider shedding some square footage. A smaller living space could result in big savings and help you stretch your current retirement paycheck a lot more.

3. Is there a more affordable Medicare plan for me?

You may have picked a Medicare plan years ago based on your medications and health-related needs. But if any of those have changed, or if your plan has since changed, it's worth researching if there's a more affordable option for you.

Medicare open enrollment starts each year on Oct. 15 and runs through Dec. 7. During this time, you can swap a Medicare Advantage plan for another or switch Part D plans. You can also sign up for Medicare Advantage for the first time or dump Advantage and move over to original Medicare. If you compare your plan choices, you may find that you can get the coverage you need at a lower cost.

It's not a fun thing to be worried about retirement money. If it's getting harder to pay your expenses, these questions need to be addressed sooner rather than later.

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