Maintaining Excessive Car Insurance Coverage
You might be paying far too much car insurance coverage — especially if you drive an older car. Paying for collision and comprehensive coverage on a vehicle with a few years on it can be a serious waste of your Social Security benefits.
Experts often advise dropping the comprehensive and collision coverage on your car when the potential payoff in the event of an accident is less than 10 times the annual premium for the two coverages. For example, if your car is worth $3,000 but the comprehensive and collision portions of your insurance cost $500 annually, strongly consider dropping those options to save money.
2 thoughts on “8 Ways People Waste Their Social Security Check”
james Honnold died 07-10-2019
I think you made all good points on this article. I still work and i got my social security at full retirement age. I use it to pay my rent. Is this a good idea.
Thanks