Living on Social Security Alone Will Be Challenging
The average monthly Social Security retirement benefit is $1,413, according to the latest figures from the Social Security Administration. That’s only $16,956 a year. “If Social Security is all you have, you will find out very quickly you do not have enough money to meet your needs,” Geary said.
He said there are people in Johnson City, Tenn., where he lives, who are trying to get by on Social Security alone and have to make a decision each month whether to buy their medication or food. “It’s a very scary and sad place to be,” he said.