Although many Americans believe they need $1.26 million to retire comfortably, most fall short of that goal. (1) In fact, millions of seniors retire with little or no savings at all.

Empower reports that the median net worth for Americans in their 50s is $191,857, rising to just $290,447 for those in their 60s — far below the target. (2) A 2024 AARP survey found that one in five adults over 50 have no retirement savings at all. (3)

Yet despite these shortfalls, many retirees find ways to get by. Data suggests that a minimalist retirement may not be as bleak as many fear. Here’s a closer look.

The good news for retirees is that Social Security coverage is nearly universal. According to the Pew Research Center, about 86.9% of Americans over 65 receive retirement or disability benefits. Among those 75 and older, that figure rises to 92.6%. (4)

In other words, Social Security serves as a critical safety net for those with little or no savings. As of August 2025, the average monthly benefit is $2,008, or $24,096 annually, according to the Social Security Administration (SSA). (5)

While that amount may not be enough to live on alone, most retirees don’t live alone. According to 2022 Census data, only 21% of men and 27% of women aged 65 to 74 live by themselves. (6) Most live with a spouse or in shared arrangements, meaning many benefit from dual Social Security payments — totaling an average of $48,192 per year for a couple.

In addition, some retirees can supplement that income with savings. Based on the aforementioned Empower data, if a household in their 60s has a median net worth of $290,447, then an annual 4% withdrawal rate could provide $11,618 in additional income.

In short, many retirees — despite modest or even no savings — can rely on a combination of Social Security and limited savings to support a basic but sustainable retirement. And for many, expenses in retirement are lower than expected.

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Living expenses often decline in retirement, largely because many retirees own their homes outright.

Housing is typically one of the largest household expenses. Without a mortgage or rent, and with no daily commute or dependents to support, retirees generally face lower costs than working-age adults.

Data from the Bureau of Labor Statistics (BLS) shows that the average household led by someone 65 or older spent about $57,818 annually. (7) That level of spending can often be covered by two Social Security checks and modest investment income.

Even retirees who live alone or lack sufficient savings may still meet their basic needs through Social Security, part-time work, or community assistance — without requiring full-time employment.

If you’re approaching retirement with little or no savings and a below-average Social Security benefit, delaying retirement can help improve your financial outlook.

Each extra year of work gives you more time to save — and if you delay claiming Social Security until age 70. you can increase your monthly benefit significantly.

If delaying retirement isn’t an option, part-time or gig work can help supplement your income. As of 2024, one in five Americans over age 65 were still working, according to the Bureau of Labor Statistics, with roughly 38.3% working part-time. (8)

Retiring without savings isn’t ideal, but it’s not the end of the road. With strategic decisions and supplemental income, it’s possible to maintain a decent quality of life in retirement.

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Northwestern Mutual (1); Empower (2); AARP (3); Pew Research Center (4); Social Security Administration (SSA) (5); U.S. Census Bureau (6); U.S. Census Bureau (6); U.S. Bureau of Labor Statistics (7); U.S. Bureau of Labor Statistics (8).

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.