If we absolutely had to, I suppose we (both born in ‘47 and now drawing SS) could live on Social Security. Probably have to live in “Senior Housing” or in a mother-in-law apartment somehow. Fortunately things worked out better than that for us, partly due to luck but mostly due to hard work, good planning and delaying gratification, the later of which is a foreign concept to young people these days by and large.
SS was never meant to give one a great retirement, but simply to be a basic floor. So that means that anything better than that is up to you...you’re not going to starve to death on SS, but you’re sure not going to be doing Caribbean cruises or playing golf on it, either, unless you have other income!
So SS may give you a tolerable old age, but it’s not good luck that gives you a comfortable retirement: it’s hard work and planning, as you say.
My wife and have just retired and we get $3,600 a month from S/S. We own our house outright so if we had to we could live on this money alone. But it would be very tight.
My wife and have just retired and we get $3,600 a month from S/S. We own our house outright so if we had to we could live on this money alone. But it would be very tight.