First, many retirees elect to downsize. If you're still paying for your home, moving to a smaller house or apartment could reduce your expenses. If you've paid off your home, downsizing could at least lower your utility bills and property taxes.

Social Security is one of the most important income sources for retirees. Most people qualify for retirement benefits as long as they worked long enough, and the benefits are both protected from the impact of inflation and guaranteed to last until your death.

Social Security can go a long way in retirement, and it's even responsible for keeping around 16.5 million adults age 65 and older above the poverty line, according to 2022 data from the Center on Budget and Policy Priorities.