Living in retirement requires putting into action everything learned throughout life, and the better the values and attitudes, the better.
Business Insider published the experience of George Dziamniski, who at 62 years old, says he lives comfortably on $2,600 that he earns from Social Security and his job at Walmart.
A Northwestern Mutual survey found that Americans need about $1.5 million to retire comfortably, but Dziamniski says he knows what he would do with an amount like that — he wouldn’t be able to finish it.
The protagonist of this story works two or three days a week in a Walmart warehouse and collects his monthly Social Security check, which he says is enough to finance his “simple” lifestyle.
Dziamniski has no retirement savings, but says he is not worried because what he earns allows him to pay for basic needs, including an apartment, food and a mobile phone. He rarely takes vacations, but sometimes he spends a little extra money on books or a new pair of running shoes.
He lives in Finleyville, Pennsylvania. He receives $1,022 a month in Social Security and makes about $800 every two weeks at his job at Walmart, with a few thousand dollars stashed away for emergencies.
As for health care, Dziamniski says most of his doctor visits are covered by Medicare, which costs a little more than $150 a month and is deducted from his Social Security check.
“I think if people could see that they don’t need as much as they want, they might be happier,” Dziamniski said.
Unfortunately, not all baby boomers have Dziamniski’s luck and attitude and are facing a period of uncertainty. Business Insider reached out to other older adults who have run up credit card debt to buy groceries, don’t have enough Social Security income to go to the doctor, or have been forced to drain their savings on unexpected expenses.
The United States is on the brink of a retirement crisis, with millions of seniors lacking the savings and assets they need to stop working.
A Census Bureau population survey shows that more than half of Americans age 65 and older have an annual income of $30,000 or less, close to the federal poverty line. Some live paycheck to paycheck thanks to Social Security, but the situation is threatening because it could begin to shrink as early as 2030.
Keep reading:
Americans need $1.46 million to retire comfortably: Study
· Women in the US feel less financially and retirement secure than men
· Generation Z and Millennials want the retirement age to be reduced to 60 years or less