A boomer lives on $2,600 monthly from Social Security and his Walmart job: 'If I had $1 million, I don't know what I would do with it.' (2024)

He lives in Finleyville, Pennsylvania, a town 45 minutes south of Pittsburgh, and receives $1,022 a month in Social Security, according to documents viewed by BI. He earns roughly $800 every two weeks from his job at Walmart, and he has a few thousand dollars stashed away in case of an emergency.

"I live within my means," he said.

A Northwestern Mutual survey of Americans in January found respondents saying they needed about $1.5 million to comfortably retire. But baby boomers are facing a period of uncertainty.

With the US on the brink of a retirement crisis, millions of older adults are without the savings or assets they need to stop working.

Per the Census Bureau's Current Population Survey, more than half of Americans over 65 had an annual income of $30,000 or less — a number close to the federal poverty line. Some are living paycheck to paycheck on Social Security, which could start shrinking by 2030.

Dziamniski, on the other hand, doesn't think he needs that $1.5 million. For him, the sum seems "outlandish" and is far more money than he could ever spend.

Dziamniski lives frugally and chooses not to vacation

Dziamniski has worked at Walmart in various roles — including unloading trucks and stocking inventory — for the past 14 years, and he doesn't plan to fully retire anytime soon. The paychecks help supplement this Social Security income, and he said the job had kept him active and social.

He lives alone, and while he doesn't have a car, he said he often rides public transit or gets a ride from a relative.

Dziamniski said he didn't buy expensive food items but could comfortably afford groceries. He said he briefly received SNAP benefits during the pandemic but chose not to renew them because he "didn't feel it's necessary."

For healthcare, Dziamniski says most of his doctor's visits are covered by Medicare, which costs a little over $150 a month and is deducted from his Social Security check.

But not every boomer lives like Dziamniski. Business Insider has talked to older adults who have gone into 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.

He said money could help people feel secure but he didn't understand why others might spend more funds on "extravagance" than they could afford. Still, Dziamniski is not financially supporting other family members, and the cost of housing in Finleyville is 21% lower than the national average, according to the research firm Payscale.

Dziamniski said he didn't often spend money on leisure items or activities. He also doesn't vacation: "I've been enough places, and that's fine for me," he said.

Going forward, Dziamniski plans to use his free time on hobbies like reading and writing. While he doesn't have much savings, he plans to keep working as long as he's able.

"I think if people were to see that they don't 'need' as much as they 'want,' they could be happier," Dziamniski said.

Are you an older adult living on Social Security? Are you open to sharing how you spend your money? If so, reach out to this reporter at allisonkelly@businessinsider.com.