I’m 65 with no retirement savings, but my home is paid off, and I get $2,071 in Social Security. Can I actually retire?

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Social Security benefits were meant to bolster existing retirement savings and pensions — not to make up for a non-existent nest egg.

Yet, according to the U.S. Census Bureau's Survey of Income and Program Participation (1) (SIPP), 49% of adults between the ages of 55 and 66 had no personal retirement savings.

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That means living on social security alone, which is only $2,071 on average — that's just $24,852 a year (2). As always, one way to avoid this trap is to start saving regularly as early as possible so you don't have to rely on the government as much for your retirement.

But if you're pinched for pennies, here are three ways you can make your retirement dollars go further.