Life on a tight budget
Let me present to you Mary Dacus, a 69-year-old woman in Robinson, Illinois. Mary and her husband, Stephen, are living on Social Security as their only means of income. They have a combined total of $2,140 per month. On paper, it might sound okay, but in reality, it is not even sufficient to cover all their bills, food, and medication.
They once felt secure, but those days are far behind them. Inflation drove prices up, their limited retirement savings dwindled, and now they live in constant economic stress. Worse yet, they have close to $10,000 in debt, paying for necessities with credit cards alone.
The harsh reality of retirement
When you consider retirement, maybe you consider peacefulness, comfort, and a little bit of enjoyment. Not so with Mary, though. She is often compelled to turn to local food banks because the $23 they get in SNAP benefits is ridiculously inadequate—it won’t even cover one meal.
Sometimes, she has to even request an advance on their Social Security check just so they can eat or have the lights stay on. That takes away from them having more money in the bank next month. It’s a never-ending cycle.
Health challenges bring more stress
Just as bill fears weren’t bad enough, Mary’s husband Stephen has cancer. They don’t have Medicaid, and Medicare covers some but not long-term care. Mary is afraid his diagnosis will be a money disaster.
She not only worries about being able to provide for his care, but also what would happen if Social Security were cut in the future. Experts note that the program will run out of money by 2030, and that is something that scares Mary every day.
“It terrifies us to death because we will be around, God-willing,” she said. “How are we to survive?”
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Mary’s story isn’t unique
Unfortunately, Mary is not unique. Millions of older Americans are living the way she is, reliant on Social Security as their sole support. More than half of baby boomers, the Retirement Income Institute says, have saved less than $250,000 for retirement. That may seem significant, but over many decades, it depletes all too rapidly.
More than half of all Americans over 65 live on less than $30,000 a year, according to the Census Bureau. That won’t cover rising rent, food, and medical bills—much less an emergency that crops up in life.
Get acquainted with Virginia and Angela: Same struggle, different states
Mary’s story is a refrain throughout the nation. Take Virginia Hambrick, 66, of Oklahoma. She worked her whole life in factories and hotels, but now she and her husband live on a mere $1,625 per month of Social Security. They have no savings left, and it is a daily struggle to even afford food on the table. Virginia would like to work again, but has no car, can’t afford gas, and can’t walk eight-hour days.
And Angela Babin, age 62, from Louisiana. She lives alone in a trailer that Hurricane Ida wrecked and receives $1,104 monthly in Social Security. Her SNAP benefit? $28. That covers just bread, milk, and coffee. She once envisioned retirement as an era of peace, but nowadays she gets by on each paycheck until the next while living on minimal government aid.
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The bigger picture: A retirement crisis
These specialists call this a “retirement crisis.” The U.S. abandoned pensions in the 1980s and left it up to workers in 401(k)s to save up. Nobody could possibly save, especially when paychecks were low, employment was unstable, or unpredictable medical problems short-circuited savings.
Now, as the final wave of baby boomers reaches age 65, it seems like many are staring into an uncertain future. The typical Social Security check in 2024 is $1,907—a long way from the $1.5 million many Americans think they’ll require to retire well-off.
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What Social Security really means
Mary told me something that really lingers with you:
“A lot of people think that, with Social Security, you get this big check, and you go to Florida, and you can buy a boat and fish. That’s not what it is.”
For Mary and the millions like her, Social Security is not a ticket to retirement comfort—it’s barely making ends meet. Without savings, supplemental income, or good safety nets, they live hand-to-mouth, praying nothing bad happens.
