Is it feasible to live comfortably in retirement with just Social Security income?

The answer is mixed.

Alden and Dena Swartz receive nearly $4,000 monthly from Social Security, the federal program assisting Americans in retirement. Yet, they are finding it challenging to make ends meet.

On the other hand, Gail Randle and her partner, Mike DellaVolpe, receive a total of $2,400 monthly from Social Security—equating to around $30,000 annually—and manage fairly well.

“We are thrifty,” noted Randle, 73. “Almost everything in our house is secondhand. It may be used, but it looks nice. Everything functions.”

It’s important to note that Social Security isn’t designed to cover the full cost of retirement. Generally, benefits replace about 40% of an individual’s earnings before retirement. This percentage may decrease, as Social Security is projected to face a shortfall by 2035, according to the Congressional Budget Office. Additionally, President-elect Donald Trump has suggested ending taxes on Social Security, which might accelerate fund depletion by two years.

Surprisingly, many Americans believe that a savings goal of at least $1 million, in addition to Social Security, is necessary for a comfortable retirement. This belief is frequently echoed by financial advisors and media: the prevailing wisdom often suggests saving ten times your annual income before retirement if you wish to maintain your current lifestyle.

However, the reality is starkly different: Most Americans are far from that goal. For families aged 65 to 74 with retirement accounts, the average savings is about $200,000, as revealed by the federal Survey of Consumer Finances. Shockingly, only about half of those families have any retirement savings at all.

This leads to a crucial question: How are these individuals managing?

According to Andrew Biggs, a senior fellow at the American Enterprise Institute, the response is quite positive. He wrote an influential essay this year asserting that retiring with significantly less than $1 million is possible; he suggests that savings between $50,000 and $100,000 should suffice.

To support his argument, Biggs refers to another federal study, the Survey of Household Economics and Decisionmaking, which surveyed retirement-age Americans (65 to 74) about their financial well-being. About 85% reported they were doing okay financially.

“Once retired, people tend to spend considerably less,” Biggs stated. “The pressures of maintaining a work-life significantly decrease once you retire.”

To investigate this further, YSL News contacted retirees from across the nation who primarily rely on Social Security for their living expenses. We also connected with the r/retirement community on Reddit, which consists of 83,000 members discussing these topics regularly.

Here’s what they shared with us.

‘I have worked so hard all my life’

Gail Randle’s strategy for enjoying retirement stems largely from staying out of financial trouble.

“I don’t drink, I don’t smoke, we steer clear of trouble, and we avoid conflict with others,” she said. “That helps us stay stable.”

Randle has had a diverse career, including a long tenure in the Army and Army Reserve as a colonel’s clerk and general’s driver. She also engaged in property management and occasionally worked as a cocktail waitress. For the last 16 years of her working life, she was a shop owner. “It was an adult clothing store, by the way,” she clarified. “It sold clothes for strippers.”

After retiring at 65 in 2016, she reflected, “I felt I had earned it.”

“I have put in so much hard work throughout my life, often juggling two or three jobs,” she shared. “And then you factor in the time spent in the Army Reserves. It has certainly been difficult.”

Despite her extensive work history, Randle has only $2,000 saved for retirement. She receives a small annuity of $500 monthly, which will end in a couple of years.

Thus, Randle and her partner, Mike DellaVolpe, now 82, largely depend on their Social Security income, totaling roughly $2,400 monthly.

However, they make their money stretch further than one might expect.

Before retiring, Randle made some practical decisions to ease their financial situation. “I planned ahead, knowing we needed a reliable car and pool repairs,” she recounted. Earlier this year, she also paid off her mortgage, amounting to $82,000, for their home in Clearwater, Florida.

She has two grown children who are self-sufficient, allowing her and her partner to stick to their budget.

“We are both very economical,” she said. “We look at restaurant menus and think, ‘That’s outrageous! We can make a better meal at home.’”

In their most recent outing, Randle fondly recalled, “I had a pizza for $11, and my Mike had an Italian beef for $11, making our total just $23.”

“We have a favorite breakfast spot,” she added. “It’s Greek-owned and the breakfast costs only $6.50.”

‘I was never going to get old’

Living solely on Social Security has been a different experience for Alden and Dena Swartz, who have realized the challenges of maintaining a comfortable lifestyle.

Alden Swartz had a stable career at a company providing packaging solutions, specifically focusing on the machinery that produces packaging for items such as ketchup. “I worked on anything related to making a bottle of ketchup ready for shipment,” he explained.

However, in 2019, his employer underwent restructuring, “and my position was eliminated,” Swartz shared. He retired at the age of 64.

The Swartzes appeared to be in a stable position financially, earning over $3,000 monthly from Social Security. They resided in a stunning 4,800-square-foot Italianate home, built in 1859, in Lafayette, Indiana, which they purchased during a market dip and renovated extensively. Their monthly mortgage cost was $1,180.

Then, life took an unexpected turn; they discovered their first grandchild was on the way, but the baby was in South Korea.

Their daughter had married a South Korean man and moved there. The Swartzes weren’t going to miss this significant event, so they relocated to South Korea in 2019 and arrived just in time for the birth.

Housing in South Korea is different from what they were used to. Planning for a prolonged stay, they decided to rent an apartment but needed to provide a hefty $100,000 deposit, despite the rent being only $900 a month. To gather the necessary funds, they sold their beloved home.

When they returned to the U.S. earlier this year, they received their deposit back but were surprised to find it had decreased by $28,000 due to the dollar’s strength against the South Korean won.

Back in Lafayette, they were shocked to find that home prices had dramatically increased and interest rates had doubled.

“When you put all that together,” Alden Swartz commented, “there’s no way we can find a replacement for what we had.”

The couple now finds themselves renting a smaller home in a less affluent area, paying $1,800 a month.

“I’m more concerned about the safety of the neighborhood than the downsizing,” Alden said.

They sold all their furniture prior to the move, so their rented home is filled with inexpensive items sourced from Facebook Marketplace. Nearly all of it is secondhand.

Despite these adjustments, the Swartzes feel financially vulnerable. They bring in $3,890 monthly from Social Security and an additional $240 from Pensions. Their expenses for rent and utilities exceed $2,200 a month, which is over half of their income.

To manage financially, they’ve had to tap into a small emergency savings fund. Although they both have IRAs, they’ve avoided using them, as they total only about $40,000 combined, as Alden noted.

“Next spring, we’ll need to decide our next steps, or I’ll continue to deplete our savings,” he remarked. “And I don’t have a plan to replenish it.”

Alden mentioned he might look for part-time work, perhaps at Starbucks. He and Dena are living on a tight budget.

“We seldom eat out, which is fine because I prefer our cooking,” he said. “Travel for us will be limited to family gatherings.” They have enjoyed trips to Europe, South America, and cruises in the past, but “those are no longer feasible.”

Alden, who grew up on a farm and was accustomed to simpler living, finds the situation bearable.

“I’ve had a great life with an amazing family,” he reflected.

However, he admits to feeling regret for not saving more for retirement during his working years.

“The only one accountable for our financial shift is me,” he shared, “because I never imagined I would get old.”

‘We don’t need much’

After 14 years of retirement, Suzanne and Susie Leedy can confirm that it’s indeed possible to rely on Social Security alone.

Suzanne retired from her real estate career in 2010, while Susie, a registered nurse, has had disabilities from multiple sclerosis and has been on disability since 2008.

They had some savings, but neither had formal retirement accounts. However, they do receive a combined $4,500 monthly from Social Security.

“I consider ourselves lucky that our careers placed us in the higher earnings bracket for Social Security,” Suzanne Leedy said, noting that the average benefit is around $1,900.

Initially, the Leedys lived in Alexandria, Virginia, a wealthy suburb of Washington, D.C., when they retired.

“My mother was 92, and it became clear she could no longer live independently, so we knew we had to take her in,” said Suzanne. “At that point, I was determined to find a more affordable place to live, away from Northern Virginia.”

Her parents had previously owned a timeshare at Massanutten, a resort by Shenandoah National Park, and the couple opted to relocate there, bringing Suzanne’s mother along.

Sadly, her mother passed away just two months after they moved, and Susie’s mother died a year later. The inheritance allowed them to buy a house and settle in rural Virginia permanently.

“In hindsight, it was just enough to pay for the house outright,” Suzanne noted.

Adapting to their new financial situation was essential.

“Traveling was the first luxury we had to forgo,” Suzanne said, recalling that Susie, originally from England, had hoped to explore the U.S. more. “We made some wonderful trips, including to the West Coast and Olympic National Park.”

“We also sold our second car,” Leedy added. “We found that we always traveled together regardless.”

Previously, the couple would dine out “maybe once a week,” she stated. “Nowadays, we invite friends over for dinner or go to their houses. I genuinely believe we eat better now, and it’s much more enjoyable.”

Financial strains began four years ago after Susie suffered a stroke, leading to ongoing medical bills. Nevertheless, they manage to get by.

“At some point, you come to terms with the fact that I’m 79,” Suzanne Leedy said. “We don’t need much. We lead a comfortable life and have many good friends.”

‘I’ll never be out on the streets’

Sheri Makasini’s retirement experience exemplifies a common challenge facing many Americans: surviving solely on Social Security is simply not feasible, even in a trailer park.

Makasini, 68, once owned a home in a Florida RV park. However, with her monthly Social Security income of $1,800, maintaining it became impossible. She was paying over $800 just for the rent of the land her home occupied, in addition to loan payments on the home.

She decided to sell the mobile home and successfully completed the sale between her interviews with YSL News, netting around $12,000 after clearing the loan.

Currently, she lives with her daughter in Euless, Texas. Michelle Makasini, her daughter, earns a solid income as a social media manager at the Hilton hotel chain.

“I’m fortunate because she believes in taking care of her parents,” Sheri Makasini remarked. “I will never find myself on the streets.”

Makasini’s career primarily revolved around the airline food service sector. She began her journey at Air 1, part of a wave of fledgling airlines that emerged and vanished following industry deregulation under President Ronald Reagan in the 1980s. She later worked for US Airways, American Airlines, and several other aviation companies.

A divorce in 2000 altered her career trajectory significantly. She raised her daughter without child support. The unpredictable nature of the airline industry, characterized by mergers and shutdowns, often left her without work, forcing her to deplete her limited 401(k) savings for survival.

In 2012, Sheri’s daughter Michelle had a child, and Sheri found it difficult to support both her daughter and grandson, especially since Michelle was earning only $11 an hour at the time.

Sheri Makasini began to receive Social Security as soon as she could at 62.

“I had no other source of income,” she stated. “Had I waited, the benefit would have been $2,100 or $2,200 at 65 or 67. Now, I’m dealing with something like $1,600 a month, post-Medicare deductions: ‘not really much.’”

Michelle has offered to build an in-law suite for her mother on her property, though it may take years to happen. Meanwhile, Sheri plans to relocate to Missouri to be closer to some of her siblings. She is also on a waiting list for a senior subsidized apartment, with rent expected to be around $800 a month, which is about half of her Social Security income.

“Getting by isn’t ideal,” she noted. “But that’s just how it is.”

‘I don’t eat out. I cook.’

Patricia Douglas, at 64 years old, has become adept at living on Social Security and ensuring her financial stability.

After serving as a medical analyst in a New Orleans hospital, health issues forced her into retirement at 52. Her initial monthly Social Security check was around $900.

“It was difficult at the start,” she recalled. “The amount was very low.”

Today, Douglas receives approximately $1,100 a month in Social Security disability benefits. Next year, upon turning 65, she will begin to collect her Social Security retirement benefit, along with a significant portion of what would have been her late husband’s benefit after he passed away in 2009.

She anticipates feeling much more financially secure then, although she admits she hasn’t yet figured out how to navigate the Social Security website to double-check her benefits.

For the time being, she’s managing.

It’s remarkable how Douglas manages to cover her expenses, given that her $1,100 Social Security payment must stretch to cover her $1,000 mortgage. She relies on food stamps and volunteers six hours a day for Catholic Charities, receiving a small stipend of about $100 a week plus some expenses.

“First and foremost, I look for everything that’s free,” she explained. “If it’s not free, it’s almost free.” Douglas spends just $10 a month on internet services thanks to a Cox low-income plan. She has a Roku TV and enjoys streaming “only the free content,” she added. Her one luxury is an Amazon Prime subscription.

“I don’t dine out; I prefer to cook,” she said. “Since I only cook for myself, I’ve reduced my portions. A bowl of cereal or a peanut butter and jelly sandwich suffices for me.”

‘We made $150,000, we spent $150,000’

For Ken and Kathy Larson, enjoying a comfortable retirement has largely hinged on downsizing.

The couple owned a house along the Fox River in Batavia, Illinois, just outside of Chicago. Ken earned a salary exceeding $150,000 a year, depending on bonuses, in his IT position at Hewlett Packard Enterprise. They traveled extensively.

“We made $150,000, we spent $150,000,” Ken Larson recounted.

In the lead-up to his planned retirement in June 2019 at age 65, Larson humorously kept a calendar on his desk. It featured silly notations for each day in June, predicting events like “Company cancels pension,” “U.S. suspends Social Security,” and “Company fires Kayo,” which was his nickname, all leading up to his retirement announcement on June 15.

“It was hilarious for everyone who walked by,” Larson commented.

However, as his retirement date drew near, the comical predictions began to come to fruition. His company replaced its pension plan with a 401(k), and the retirement age for Social Security increased. Concerns about the reliability of Social Security also grew, prompting Larson to move his desired retirement date.