By 70, earning more income gets harder than ever before, and many at that age have to live with what they have.<\/p>\n
Check Out: I Asked ChatGPT To Plan a $100,000 a Year Retirement \u2014 Then Had a Financial Planner Review It<\/a><\/p>\n Read More: 9 Unusual Ways To Make Extra Money (That Actually Work)<\/a><\/p>\n I asked ChatGPT to build a frugal budget<\/a> for a 70-year-old and it laid out a plan for making a little go a long way across seven key categories, assuming a modest monthly budget<\/a> of $2,200, with $1,800 from Social Security and $400 from a small pension.<\/p>\n Essentials First <\/p>\n First, the artificial intelligence (AI) chatbot outlined the non-negotiables that it referred to as \u201ccore expenses.\u201d<\/p>\n Housing <\/p>\n ChatGPT insisted that \u201chousing is everything,\u201d and that frugal seniors must downsize<\/a>, move into senior housing or take any other measures needed to rein in costs until housing is no more than 30% to 40% of their budget, including:<\/p>\n Rent, property tax and HOA: $700<\/p>\n Utilities (electric, gas, water): $150<\/p>\n Internet and phone: $70<\/p>\n Total: $920<\/p>\n Try This: I Asked ChatGPT How To Retire 10 Years Early \u2014 The Plan Shocked Me<\/a><\/p>\n Food <\/p>\n Then, there\u2019s food, which ChatGPT concluded budget-conscious seniors can afford if they \u201cfocus on cooking at home, store brands and senior discounts<\/a>.\u201d<\/p>\n Groceries: $250<\/p>\n Occasional dining: $50<\/p>\n Total: $300<\/p>\n Healthcare <\/p>\n Next, ChatGPT cautioned 70-somethings that \u201chealthcare is often the No. 1 expense risk at this age.\u201d<\/p>\n Medicare Part B premium: $175<\/p>\n Supplemental plan (Medigap or Advantage): $150<\/p>\n Prescriptions and copays: $100<\/p>\n Total: $425<\/p>\n Transportation <\/p>\n In the final core expense category, ChatGPT claimed that \u201creducing to one car or using senior transit lowers costs further.\u201d<\/p>\n Gas: $80<\/p>\n Insurance: $90<\/p>\n Maintenance fund: $50<\/p>\n Total: $220<\/p>\n Lifestyle and Flexible Spending <\/p>\n