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Last week, our reporter Sahara Sajjadi published a story about Arizona seniors who say they can’t afford to retire due to high cost of living.
She spoke to a Walmart greeter, a retired mechanic planning to return to work, and an ASU cook—who all say Social Security is too low to cover their bills.
From the story:
“Individuals who delay benefits until age 70 receive significantly more than seniors who retire at 62. The average monthly Social Security benefit for a worker retired at age 70 is $2,275, compared to $1,424 for those who retire at 62.
“The payments still aren’t enough to live comfortably, [Randy] Jones said.
“His body is overworked, but he’d rather push himself to work at 70 than at 80. As a Walmart greeter, he makes enough per hour to supplement his Social Security payments, optimistic that he will one day be able to afford a senior-living home. With no family to take care of him in old age, a retirement community is his best hope.”
I asked if you or someone you know has felt this struggle. Here’s what you said:
💬 “My friend at age 68 went through a brutal surgery, chemo, radiation and feeding tube due to her tongue cancer. The treatments and the battle went on for a year. She had a GoFundMe page which raised $8000. She used that to pay her part of her insurance bills. Now that she is on the other side of this ordeal her Social Security is not enough to pay all of her Bills let alone have any extra money. She now has a job working in the cafeteria at a school to make ends meet. To be age 70 and having to go back to work … this is not part of the American dream.” — Dana H.
💬 “I’m 59 and I don’t see myself ever being able to retire. My 401k match is maxed out but with market fluctuations I do not feel stable. Single income of 5-person family with young kids/grandkids. Just praying my brain holds out after 70 so I can keep going.” — Julia N.
💬 “I moved here from Wisconsin. Had SS and dividends from stocks I inherited. Bought a house in Bisbee. Sold my house in Wisconsin. I intended to work or start a business when I ‘retired’ here. I had my eyes wide open the whole time. Last year I went through a bout of cancer. Surgery, chemo, radiation. Unfortunately now I’m looking for a job and I think I’m not having any luck because I’m too old (but extremely talented). That could also be the problem, I’m overqualified and old. Moral of the story: I tapped into my SS at 65 but I never expected to live on it.” — Annabelle H.
💬 “I live alone, retired at 66.5 so receiving not quite full Social Security. Thankfully I have a small monthly pension in addition to my SS. Still I’m struggling to keep up. I own my home, a reverse mortgage helps as I don’t have house payments. However, maintenance on my house and having to keep insurance going is a huge struggle with homeowner insurance and automobile insurance continuing to rise every year. My Medicare premium increased by $11 this month. It never stops and now the threat of subsidies on medication coming to an end. I’m thankful I didn’t vote for Trump or I’d be regretting that.” — Sharon T.
💬 “I didn’t have a great strategy for retirement but I educated myself on how the system works and I watched the annual statements sent by SS which tells people how much they will get if they retire at various ages. I have friends that never paid attention to their statements and they just up and started drawing at the first moment they could. Today they are nearly destitute and whine constantly about how they want their SS increased. I have friends that were much more astute than I and they live very well with no complaints. I waited until age 70 and my check is about $3100 monthly after I pay my Medicare. SS is a self driven system and was never intended to be anyone’s sole income during retirement. I have other revenue streams in addition to SS and I must say I am thankful that I am a planner because my life is very good today.” — Anonymous
💬 “I see 2 big problems with our set up. Most people seem to believe that all they have to do is work until they can get to the point of collecting Social Security. Most people are not educated in financial planning. It should be a mandatory high school class and general knowledge. 1. Social Security is not enough to live on unless you are willing to move to another country like MX. Several of my friends purchased houses or rent houses near the ocean for a fraction of what we pay here and can live on social security alone there. Social Security is only supplemental income in the US and our medicare is deducted from it as well. Medicare is a big blessing, but it doesn’t always cover everything and many have spent whatever retirement savings they had on a family members medical care due to the exorbitant healthcare prices in this country. 2. ‘If you wait until 70 years old you get more.’ Although the average man lives 76.5 years and the average woman 81.4 years here in the US, the average healthy years of a man is 62.8 and for a woman 65.1. Most of us will not be in great shape to keep working until 70 at this rate. We are putting too much money into war and oil and space and not enough into our people, their health, preserving the earth for our children, our air quality, and our education rating is especially shameful for a state that is thriving economically.” — Sandra M.
