Retire on Social Security? Real Retirees Share Their Surprising Truth!

Can you really enjoy a comfortable retirement solely on Social Security?

The answer is both yes and no.

Take Alden and Dena Swartz, for example. They pull in nearly $4,000 a month from Social Security—a crucial safety net for American retirees. Yet, they’re facing struggles.

On the flip side, we have Gail Randle and her partner, Mike DellaVolpe. They scrape by on a modest $2,400 a month in Social Security benefits, translating to just under $30,000 a year, and surprisingly, they’re doing just fine.

“We live frugally,” notes Randle, 73. “Almost everything in our home is recycled or thrifted, but it still looks nice. Everything functions.”

It’s important to remember that Social Security was never meant to foot the entire bill for retirement. Typically, it covers about 40% of what a worker made before hanging up their hat. And with looming financial concerns—like projected shortfalls by 2035 as reported by the Congressional Budget Office—it’s clear we need to rethink our retirement strategies.

Many Americans believe you need a hefty $1 million stashed away to retire comfortably. Investment firms and media hype that idea: the typical advice is to save at least ten times your annual income before you retire to maintain your current lifestyle.

But here’s the catch: Most Americans aren’t saving anywhere near that amount. In fact, families aged 65 to 74 with retirement accounts typically have around $200,000 saved, according to the federal Survey of Consumer Finances. Shockingly, only about half of those households even have retirement accounts.

So, how are those who depend mainly on Social Security making it work?

Surprisingly well, according to Andrew Biggs, a senior fellow at the American Enterprise Institute. His viral essay this year argued that it’s possible to retire comfortably with less than $1 million—suggesting that $50,000 to $100,000 in savings might just do the trick.

Evidence backs him up. A report from the Survey of Household Economics and Decisionmaking revealed that around 85% of retirees aged 65 to 74 feel they are managing just fine financially.

Biggs elaborates, “Once people retire, their spending drops significantly. The frantic pace of working life often falls away in retirement.”

To validate this theory, USA TODAY reached out to retirees across the nation who primarily rely on Social Security. Thanks to the r/retirement community on Reddit—with its 83,000 members sharing their experiences—we gathered some eye-opening insights.

Here’s what they had to say.

‘I’ve worked hard all my life’

For Gail Randle, retirement is about making wise choices to avoid unnecessary pitfalls.

“I don’t drink, I don’t smoke, and I stay out of trouble,” she says. “We don’t get into arguments or create drama.”

Randle dedicated a lengthy career to the Army and Army Reserve, serving as a clerk and driver. She dabbled in property management and ran a retail store selling, of all things, “adult” attire—stripper clothes, to be precise.

She finally retired at 65, feeling well-deserved after years of juggling multiple jobs and commitments.

“I’ve put in the hard work all my life. Two jobs, sometimes three, plus the Army Reserves—it’s definitely been a struggle,” she recalls.

Despite her hard work, Randle’s retirement savings amount to just $2,000. She has a modest annuity bringing in about $500 a month, which will expire in a couple of years.

Thus, Randle and Mike primarily rely on Social Security, totaling around $2,400 a month.

To her surprise, the money stretches further than anticipated.

Before retirement, Randle initiated some strategic budgeting adjustments: “We knew we needed a reliable car and to get our pool resurfaced.” Earlier this year, she proudly paid off her $82,000 mortgage on her Clearwater, Florida home.

With two grown children who are self-sufficient, Randle and Mike enjoy sticking to a strict budget.

“We are both very frugal,” she emphasizes. “When we look at menus, we think, ‘They must be joking! We can do way better at home!’”

During their last dining experience, she chuckled, “We had pizza for $11 each. Our total was $23.”

“There’s a breakfast spot we love run by Greeks—it’s amazing, and breakfast is just $6.50,” she adds.

‘I never thought I’d grow old’

Living on Social Security can present challenges, as Alden and Dena Swartz have discovered.

Alden once held a solid position at a corporation selling packaging products, notably for items like ketchup. However, in 2019, a company reorganization led to his retirement at 64.

Life seemed rosy; the couple enjoyed over $3,000 a month in Social Security benefits while residing in a stunning 4,800-square-foot Italianate home in Lafayette, Indiana—purchased in a down market and beautifully renovated. Their monthly mortgage was $1,180.

Then came change: the joyous news of their first grandchild, set to be born in South Korea.

Their daughter had tied the knot with a South Korean and relocated, compelling the Swartzes to move across the world in 2019 to witness the birth.

In South Korea, housing operates differently, prompting them to rent an apartment with a substantial $100,000 deposit, despite the rent being just $900 a month. They sold their dream home to raise the necessary funds.

Upon returning to the States earlier this year, they discovered that rising home prices in Lafayette and doubled interest rates left them unable to repurchase their previous home.

“With those factors combined, we simply can’t replace what we had,” Alden explained.

Currently, they’re renting for $1,800 a month in a less desirable neighborhood.

“I’m more concerned about neighborhood safety than downsizing,” Alden admitted.

Having sold all their furniture, their rental is furnished with budget finds from Facebook Marketplace, mostly second-hand.

Their financial situation feels precarious. They receive $3,890 a month from Social Security, plus $240 from two small pensions, with rent and utilities costing at least $2,200 monthly—more than half their income.

To make ends meet, they’ve had to dip into a small emergency savings fund. While both maintain IRAs averaging $40,000 combined, they haven’t touched them yet.

“Next spring will require a decision or I’ll continue to drain our savings,” Alden stated, “and I have no way to replenish that.”

To supplement their income, Alden might consider a part-time job at Starbucks, emphasizing their frugal lifestyle.

“We don’t eat out often, which is fine because I prefer our home-cooked meals,” he said. “Travel now is limited to family events.” While the couple enjoyed globetrotting in the past, “those days are behind us,” he lamented.

Growing up on a farm, Alden is familiar with sacrifice, and he reflects, “I’ve had a wonderful life with a remarkable family.” However, he regrets not building a larger retirement fund during his career.

“The responsibility for our current financial shift lies with me,” he acknowledged. “I always thought I wouldn’t age.”

‘We don’t need much’

After 14 years of retirement, Suzanne and Susie Leedy affirm that living on Social Security is indeed possible.

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

Though they had some savings, neither had a retirement fund. However, they boast a combined Social Security income of $4,500 a month, placing them in a more comfortable position.

“We are fortunate that our careers kept us at the higher end of Social Security earnings,” Suzanne shared. The average benefit is around $1,900.

Initially residing in Alexandria, Virginia, an expensive suburb of D.C., they soon realized they needed to relocate after Suzanne’s mother, who was 92, could no longer live alone.

Determined to find a more affordable living situation, they moved to Massanutten, Virginia, where Suzanne’s parents had owned a timeshare.

Sadly, Suzanne’s mother passed away just months after their move, followed by Susie’s mother a year later. The couple inherited enough to buy their new home outright.

“It was just enough to purchase the house,” Suzanne explained.

With their new budget, they adapted their lifestyle accordingly.

“Travel took a backseat,” Suzanne noted. Susie, being from England, had wanted to explore the U.S., but now they prioritize cost-effective outings at home instead.

“We also sold our second car, realizing we always traveled together,” she added.

Where they used to dine out weekly, they now opt to host friends or visit their homes. “We’re eating better and having more fun,” she quipped.

Four years ago, things tightened when Susie suffered a stroke, resulting in increased medical expenses. Yet, they still manage.

“At my age, I realize there’s not much we need,” Suzanne declared. “We lead a comfortable life surrounded by great friends.”

‘I’ll never be homeless’

Sheri Makasini’s retirement journey epitomizes the challenges many face, revealing just how tough it can be to survive on Social Security alone—even in a trailer park.

At 68, Sheri owned a home within a Florida RV park, but with a monthly Social Security check of $1,800, it simply wasn’t sustainable. She struggled to cover over $800 in monthly land rent along with her home loan payments.

After selling her mobile home, Sheri plans to relocate with her daughter in Euless, Texas, who has a stable career as a social media manager for Hilton.

“I’m lucky to have her caring for me,” Sheri explained. “I’ll never end up on the streets.”

Sheri’s career spanned the airline food concession industry, starting with Air 1 and later working with US Airways and American Airlines. A divorce in 2000 changed her trajectory, leaving her to raise her daughter without child support.

Years of turbulence in the airline industry forced Sheri to deplete her modest 401(k) retirement savings to survive, especially after her daughter became a mother in 2012.

Taking Social Security at 62 was her only financial lifeline.

“I didn’t have any other means of income at that point,” she lamented. “If I had waited a few years, it could have been more like $2,100, but now I’m dealing with about $1,600 after Medicare deductions—not much to go by.”

While her daughter has offered to build an in-law suite on her property, that could take years. In the meantime, Sheri plans to move to Missouri to be closer to family and is on a waiting list for a subsidized senior apartment, where rent will be about $800 a month—roughly half her Social Security income.

“It’s not ideal for just getting by, but that’s life,” she said.

‘I don’t eat out; I cook.’

At age 64, Patricia Douglas has a wealth of experience navigating life on Social Security.

A medical analyst at a New Orleans hospital, Patricia was forced into early retirement at 52 due to heart issues. Initially, her monthly benefit was a mere $900.

“It was tough at first,” she recalled. “The check was painfully low.”

Now, Patricia receives about $1,100 a month in Social Security disability income. Once she turns 65, she’ll also receive her deceased husband’s benefits, which should significantly boost her income.

For now, she’s making it work.

Though her $1,100 Social Security check must cover her $1,000 mortgage, she creatively manages her finances with the help of food stamps and volunteer work for Catholic Charities, where she earns a small stipend of around $100 a week plus expenses.

“I’m always on the lookout for free or nearly-free options,” she noted. “Internet costs me only $10 a month through a low-income plan, and I stream only free content.” Her lone indulgence? Amazon Prime.

“I don’t eat out; I cook,” Patricia asserted. “As I live alone, I’ve learned to cut down portion sizes. A bowl of cereal or a peanut butter and jelly sandwich works just fine for me.”

‘We earned $150,000, we spent $150,000’

For Ken and Kathy Larson, a comfortable retirement revolves around strategic downsizing.

The couple previously lived in a beautiful home along the Fox River in Batavia, Illinois. Ken earned over $150,000 a year in his IT role at Hewlett Packard Enterprise, allowing them to enjoy a lavish lifestyle.

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

Ken once had a calendar page pinned to his desk predicting his retirement in June 2019, humorously detailing a series of unfortunate events—such as the company canceling pensions and Social Security being suspended. As it turned out, some of those jokes became reality.

Facing corporate changes, Ken postponed his retirement to 2021.

When the layoff came in late 2020, he volunteered for the cut, knowing he was close to retirement. Severance pay bridged the gap until his retirement date.

From that moment, the Larsons dramatically slashed their spending.

Leaving their spacious riverfront home behind, they moved to a smaller property nearby, reducing their annual property taxes from $14,000 to $6,000 and selling one of their two cars.

With full Social Security benefits and Kathy receiving spousal benefits, they now live on approximately $5,400 monthly, equating to around $65,000 annually. They also receive a few hundred dollars monthly from Ken’s former pension plan.

Although they have about $800,000 in IRA savings, they haven’t tapped into those funds just yet.

Moving forward, they plan to travel less.

“Just recently, we returned from a wedding in Austin, Texas, and it cost us about $1,500. That was manageable, and we can budget for it,” Ken remarked.

‘I’m not struggling at all’

For those transitioning from high-paying careers to a modest retirement, Social Security can indeed provide a cushion.

Jean Hullihan, a retired intelligence analyst for the federal government, enjoyed a six-figure salary. Now at 67, she draws a monthly Social Security benefit of $4,200.

“Based on everything I read before retiring, I never thought it would be possible,” she shared.

After selling her Northern Virginia condo, she purchased a cozy home in Louisville, Kentucky, where two of her children reside. On her retirement day, she eagerly drove to her new abode, curious about how her budget would hold up.

When her first Social Security check arrived, she felt a wave of relief—her monthly mortgage payments were just $980, accounting for less than a quarter of her income. Utilities added an additional $100.

“It’s been over a year, and I’m not struggling at all,” she stated. “When I hear people claim they can’t live on Social Security, I wonder why not?”

Thanks to the sale of her condo, Jean plans to pay off her mortgage in Louisville within a few years.

Though she has a substantial retirement account, Jean hasn’t touched it and is considering placing it in a trust to protect it from Medicaid rules requiring spend-downs before accessing health benefits.

Interestingly, she’s discovered that her spending has decreased dramatically since retirement, attributing this to a slower pace of life.

“I’ve stopped buying clothes and shoes. I used to pick up shoes whenever I saw a nice pair,” she recalled. Now, she enjoys cooking for her kids two times a week and dining out occasionally with friends. She still works ten hours a week, helping a friend with a small business—not out of necessity, but as a favor.