I’m a Retired Boomer: Here Are 5 Expenses That I Can’t Rely on Social Security for

Being able to retire in America is a luxury – not everyone is afforded a post-working life, nor are all retirements made equal. While you might have been plugging away at work for decades, adding to employer matched retirement plans and keeping a little on the side, some people who have worked just as hard and as long are counting on Social Security to get them through their golden years.

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Those who are retired and part of the baby boomer generation – that is, former workers who were born between 1946-1964 and are currently between the ages of 60 and 78 – know this firsthand. While they might not be relying on Social Security benefits to get on, there are some expenses that they do not count on the monthly government payment to cover.

Here are five expenses that retired baby boomers may not be able to rely on Social Security for .

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Insurance

Once retirement starts, it’s a whole new financial ballgame, particularly when it comes to expenses such as insurance. As people who are of retirement age will often share, their medical costs go up due to the need to cover extra doctor’s visits, specialized medication and conditions that might be developing later on in life.

Insurance goes beyond just healthcare. There’s the insurance for your home and your car alongside any other coverage you might need. These bills are too pricey to be paid for with Social Security benefits.

Such is the case for a retired baby boomer in the St. Louis Metropolitan Area who wished only to be identified by the initials RSM.

“My monthly premiums for auto, home, life and long-term care currently total 36% of my monthly net Social Security,” said RSM, adding that they depend on their part-time work to cover things such as insurance.

“If I had to depend on my SS income for insurance, I have no idea what I’d have to do.”

Stephen Greger, a retiree from Wisconsin, added, “Social Security benefits take care of basic food and shelter needs. However, they’re not sufficient to handle medical expenses that Medicare doesn’t cover or future long-term care needs.”

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Gifts

Lots of retired boomers are also grandparents or great aunts and uncles who want to be able to provide fun stuff for the younger generations. Being able to buy presents and gifts for special occasions is doable, just not on the money that Social Security provides.

RSM said that any gifts for family milestone birthdays or for special events like graduation and Christmas come from additional income earned outside of any benefits received.

Charitable Giving

After a lifetime of working, it’s nice to be able to have some money to be able to give back to the community. Whether it is a one-time donation to a charitable organization or becoming a supporter of a non-profit or local cause, baby boomer retirees want to spend their money on things they care about.

RSM shared that charitable giving and Social Security are two parts of their personal budget that are separate, as the benefits they receive are not sufficient enough to make a sizable donation to a cause or organization in their community.

Credit Card Debt

On the whole, baby boomers are known for being able to manage their money pretty well, including not getting trapped in credit card debt. Along with mortgage and auto loans, credit cards are one of the debts retired boomers believe you should definitely pay off before retirement.

However, this is not a clear cut truth for all Boomers. RSM said that Social Security benefits are not able to cover the monthly payments of their credit card bills, let alone the full amount and interest they are typically carrying. Again, RSM depends on outside income from a part time job to pay the bills, including the credit card ones.

Fun Stuff

One of the best parts of retiring is that you have the time to spend how you like it. The downside is that you might not have the money to do everything you want on your wishlist, particularly if you are counting on Social Security to cover the costs.

“Miscellaneous items like travel and unplanned expenses like repairs” are examples of what RSM said cannot be covered by their Social Security benefits alone. These get paid for using other sources of personal funds.

Greger added that fun stuff — like travel, entertainment and things that make retirement more enjoyable — is not in the budget when it comes to Social Security benefits. Sadly, joie de vivre must be paid for by other means.

This article originally appeared on GOBankingRates.com : I’m a Retired Boomer: Here Are 5 Expenses That I Can’t Rely on Social Security for