Approximately 27% to 40% of retirees in the United States live solely on Social Security, depending on the study and definition of "solely". While Social Security provides at least half of the total income for nearly 40% to 73% of seniors, it acts as the sole source of income for roughly 25% of unmarried women and 20% of unmarried men.
Only a small percentage of older Americans, 6.8 percent, receive income from Social Security, a defined benefit pension, and a defined contribution plan. A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.
Among the survey's more than 3,000 respondents, 27 percent said their entire income came from Social Security.
The most reliable, up-to-date data about older adults who live alone comes from the U.S. Census Bureau. According to its 2023 Current Population Survey, about 28% of people 65 and older live by themselves, including slightly fewer than 6 million men and slightly more than 10 million women.
An estimated 31.8 million seniors get by on less than $2,000 a month, and Social Security provides 100% of income for 21.8 million American seniors, according to a new study released Monday by The Senior Citizens League.
Surveys have found that the number of Americans without retirement savings is between 20% and 46%. Low-income households are most likely to lack savings, often because of limited access to retirement plans.
People can become socially isolated for a variety of reasons, such as getting older or weaker, no longer being the hub of their family, leaving the workplace, the deaths of spouses and friends, or through disability or illness.
Living Arrangements
In 2020, female centenarians lived alone without familiar household members to a much greater extent than male centenarians. About half (49.7%) of male centenarians lived with others in a household, while only about a third (33.8%) of female centenarians lived with others in a household.
The percentage of Americans reporting no close friendships increased from 12% in 2021 to 17% in 2024.
According to Fed data, just over half of Americans (54.3%) have retirement accounts, and of those, less than one in 20 (4.7%) have reached the $1 million mark. That figure rises to 18% of U.S. households if you include all assets, such as real estate and other savings.
Numbers from the Federal Reserve's 2022 Survey of Consumer Finances suggest they are. The average remaining retirement savings for the 75-and-up crowd at that time was $462,410.
Can you live on Social Security alone without a mortgage? Even with the mortgage gone, most retirees can't rely on Social Security to cover their living costs. Benefits alone were enough to cover living expenses in only 10 states, while nationally, the average annual shortfall is about $2,762, or roughly $230 a month.
No, no one has ever been scientifically verified to live to 200 years old; the longest verified human lifespan belongs to Jeanne Calment of France, who lived to 122 years and 164 days, with claims of living longer, like the Chinese herbalist Li Ching-Yuen, lacking scientific proof. While some scientists believe someone already born might reach 200 due to advances, it's currently considered biologically unrealistic with current knowledge, though ancient texts mention much longer lives.
Social wellness is vital to your health, no matter what your age. The consequences of living in isolation or dealing with feelings of loneliness as a senior can be detrimental. Some accompanying health risks include: Higher rates of depression, anxiety, and even suicide.
“For someone who tends to be more introverted or shy, social media can be an ideal outlet to find friends,” Cormier says. One study found that for older adults, Facebook and similar social networking sites may ease isolation and help them feel like they're part of a larger community.
The "240,000 rule" (or $1,000-a-month rule) is a retirement guideline suggesting you need $240,000 saved for every $1,000 of monthly income you want in retirement, based on a 5% annual withdrawal rate ($240,000 x 0.05 = $12,000/year or $1,000/month). It's a simple way to estimate savings needs, but it doesn't account for inflation, taxes, market volatility, or other income sources like Social Security, making it a starting point, not a complete plan.
Key Points. The 4% rule is a popular strategy for managing retirement savings. Suze Orman thinks 4% may be too aggressive a withdrawal rate today. She recommends a more conservative approach coupled with other means of attaining financial security in retirement.
Financial security
Many older adults worry about how they're going to afford to live in retirement. They may be concerned about running out of money, not being able to afford healthcare, or not being able to maintain their current lifestyle (or achieve their dream retirement lifestyle).