How Many Seniors Rely Mostly On Social Security?

OneEyedDiva

OneEyedDiva

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New Jersey
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.
 
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.
 
Oldeagle66 said:
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.
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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.
 
Aunt Bea said:
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.
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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.
 
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Oldeagle66 said:
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.
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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. :ROFLMAO: 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.
 
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.
 
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 said:
My SSDI is enough to cover all our basic expenses with a little left over. Pension checks cover the fun stuff.
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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.
 
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.
 
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.
 
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