How Many Seniors Rely Mostly On Social Security?

[OneEyedDiva]

There is quite a discrepancy in the numbers provided by a surveys, the Census Bureau and tax records, according to the article linked below. The article ends just before the words Article Sources.

"A widely cited Senior Citizens League survey finds that 39% of retirees—about 22 million people—say Social Security provides "the entirety" of their income.2 The best federal estimate, built by Census Bureau researchers who matched survey responses to IRS tax records, puts the figure at just under 14%.
That gap could become central as Congress debates changes to Social Security as its trust fund is set to run out by 2032."

https://www.investopedia.com/how-many-people-rely-mostly-on-social-security-in-retirement-11954297

Anyone here relying on SS as their main source of income, or only income? Do you know anyone who does? In these times, it must be challenging just keeping a roof over one's head, unless one lives in public housing, which usually takes no more than 33% of incomes for rent, including utilities, or is getting Section 8.

 

[Oldeagle66]

I do and so far managing pretty well, even able to save money every month. I live pretty frugally and don't want or need much. I pay almost 50% of my income on market rate rent but I like my apartment. Although I have seen a nice low income senior building in my neighborhood I didn't know was there that looks pretty nice.

 

[Aunt Bea]

I do and so far managing pretty well, even able to save money every month. I live pretty frugally and don't want or need much. I pay almost 50% of my income on market rate rent but I like my apartment. Although I have seen a nice low income senior building in my neighborhood I didn't know was there that looks pretty nice.

Get your name on the waiting list for that low income senior building now, you can always say no if your name comes up and if you have some life changing medical event you may be able to move up quickly with the help of a hospital social worker.

 

[Oldeagle66]

Get your name on the waiting list for that low income senior building now, you can always say no if your name comes up and if you have some life changing medical event you may be able to move up quickly with the help of a hospital social worker.

Yes, good idea. I can get help from the VA social worker and being a stage 4 cancer survivor, they are always trying to help. Even wanted to give me free home health services which I don't need yet. Plus there are tons of these buildings in my area. There is an ordinance in the area that if developer puts up a market rate apartment, an affordable building also has to go up. I know a few friends who had no or short wait times.

 

[OneEyedDiva]

I do and so far managing pretty well, even able to save money every month. I live pretty frugally and don't want or need much. I pay almost 50% of my income on market rate rent but I like my apartment. Although I have seen a nice low income senior building in my neighborhood I didn't know was there that looks pretty nice.

It's great that you like where you live and are still able to save OE66. You've obviously learned to live below your means, which is a good thing. Being satisfied with the simple things in life is not only financially beneficial but good for your mental health as well. I have read that people who appreciate the little things in life are happier.

Before going to the nursing home, my mother, God love her, lived on $600 a month after my father died. She paid only $210 for rent in a nice public housing senior building. She had plenty of food and a beautiful wardrobe of classic suits, dresses and hats from her working years. She was on a the PAAD RX plan and only paid $5 for her medications. She gave up driving after my father died, so no expenses there. She loved going on bus rides to the casinos in Atlantic City, where she'd play a nickel slot until it screamed. That, attending church functions and the senior center provided the socialization she needed. So believe it or not, she was able to continue saving too.

 

[katlupe]

Me! I live on my Social Security which is very low. Due to my age I was able to get SSI also to bring the total up higher. Plus the NY state supplement. So I am able to get by pretty good living in a subsidized apartment alone. I live on a budget and if I want or need something I save up for it.

 

[Pepper]

SS is my main source of income. I live in a co-op so my maintenance is low for NYC. I just saved a lot of money by being in a hospital situation for six months! Didn’t spend a dime on my usual expenses beyond rent.

I live frugally because I’m in no shape to do anything. Boring.

Would like to spend more on my family but unfortunately I can’t. I would love to be able to do more with them.

 

[old medic]

My SSDI is enough to cover all our basic expenses with a little left over. Pension checks cover the fun stuff.

 

[Aunt Bea]

My SSDI is enough to cover all our basic expenses with a little left over. Pension checks cover the fun stuff.

My situation is similar, Social Security covers my necessary expenses, other income covers the fun stuff and the bad stuff.

If Social Security was my only source of income the car would have to go in order to provide a bit of wiggle room.

 

[C50]

My SS benefit covers my monthly living expenses easily since I carry no debt, I'm even able to save enough so those exspensive months when property taxes or car insurance comes due I can cover still from my SS.

Big purchases like car or new roof come from other money.

 

[Pappy]

My wife and I live on our SS only. The secret is to not owe anybody on anything. Our rent is high and we know where every penny we spend goes. Occasionally we go over our income so have to rely on money from our house in Florida, but not very often.

 

[squatting dog]

I'm so glad I chose my wife, or I should say, she chose me.

Living on $2700 a month SS is possible for some. (maybe not all).
Our income... A long way from what some would consider "well off". We have paid the price for moving around the country and having to start jobs all over. (still wouldn't trade the memories we made) $800 mo. for wife. $1900 mo. for me. Now, if it was me doing the
finances, we'd be living under a bridge somewhere. But, My wife is an anomaly:

love's hot rods, has succesfully raced stock cars, rides motorcycles, great cook, super gardener, dog savior, has been a shrewed budgeteer. (I made that word up), and most
important of all, we are willing to live within our means. (no keep up with the Jones for us).

So, even with inflation eating away at us, she's somehow able to put aside around $1100 each month in an emergency fund. (frugal woman I tell you) That's after paying our usual bills. (electric, insurance's, property tax, internet). Works for us because; we own older vehicles, (no car payments), now own our house outright, (no mortgage = cheaper insurance), don't have cable, don't have an I-phone w/expensive contract, (tracfone works fine), we don't eat out and most importantly, I'm a handy person to have around for fixing or repairing things. (ok,ok... so is she).

 

[MACKTEXAS]

SS is my primary income, but I supplement it by withdrawals from savings as needed, and when faced with a large unexpected expense. I believe that if my wife was still living, we could make it on our two SS checks without hardly ever touching savings.

 

[Trade]

Roughly 50% of my income is from Social Security and the other 50% is from my defined benefit pension from my 31years with the Florida Department of Transportation. A short time before I retired the state tried to get us to take a lump sum investment account similar to a 401K. in lieu of our pensions. They estimated that 40% of all employees would go for it. But we were smarter than they thought and only 4% went for it. Lol! I've been retired now for 18 and 1/2 years. If I'd taken that buy out I would be broke by now. Instead I will get those checks direct deposited every month with a 3% COLA every year for the rest of my life.