They Learned The Average Retiree Gets Just $1,424 At 62 And $2,275 At 70. Now They're Warning, Whatever You're Saving, 'Double Or Triple It'

Many people aren’t saving enough for retirement, and when they learn how much Social Security actually pays, it’s a shock. Trying to live on it alone can mean getting by on as little as $1,424 a month at 62, according to Social Security Administration data, or about $2,275 at 70, amounts many say don’t come close to covering basic costs.

That reality hit hard in a recent online discussion after one Reddit user in the r/MiddleClassFinance forum shared those averages.

“Holy cow,” the post read. “Whatever you are saving for retirement, double or triple it unless living in a car.”

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Most commenters agreed: those numbers simply aren’t enough on their own.

“Easier if you own a house,” one commenter wrote, a sentiment repeated throughout the thread. Without rent or a mortgage, some said they could scrape by. With housing costs? Not a chance.

However, even homeowners pushed back on the idea that a paid-off house solves everything. Property taxes, insurance and maintenance can still add up quickly. One person broke down their situation, saying they pay thousands annually just to keep their home running, even without a mortgage.

Another person shared a real-life example of a neighbor in her 70s who lives on a mix of Social Security and a small annuity. After covering condo fees and taxes, she’s left with only a few hundred dollars each month for everything else.

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A major theme across the discussion was a misunderstanding many people still have about Social Security.

“Social Security was never meant to be the sole source of income,” one commenter wrote. Others echoed that it was designed to replace only a portion of income, often around 30% to 40% for middle earners.

That gap used to be filled by pensions, but those have largely disappeared in the private sector. Today, retirement is often described as a “three-legged stool”: Social Security, personal savings like a 401(k), and pensions or other income streams.

The problem? Many people only have one leg.

Some commenters shared stories of relatives living on $1,100 to $2,000 per month. While technically possible, those lifestyles often rely on extreme frugality, family support or both. As one person put it, “It can work, but it isn’t exciting.”

Others were more direct. “If you’re renting an apartment and your only fallback is Social Security, you’ve screwed yourself,” one person wrote.

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Another pattern quickly emerged: many retirees aren’t actually living independently on these amounts.

Some live with their children, while others receive help covering groceries, healthcare or unexpected expenses. In other cases, retirees move to lower-cost areas, or even abroad, to stretch their income further.

Expenses do tend to drop in retirement, with no commuting, childcare or retirement contributions. But healthcare costs often rise, and unexpected repairs can wipe out limited savings.

“Good luck with health care costs,” one commenter warned.

There are a few practical ways people can start building toward a more secure retirement.

Talking to a financial advisor can help create a realistic plan, optimize investments and identify gaps in your strategy.

Increasing contributions early, even by small amounts to a 401(k) or IRA, can compound significantly over time.

Delaying Social Security benefits, if possible, can boost monthly income substantially, especially if you wait until 70. And reducing future housing costs by paying down a mortgage earlier or downsizing later can dramatically lower monthly expenses.

For those looking to start or grow their retirement savings beyond Social Security, tools like Public allow investors to build a diversified portfolio of stocks, ETFs, and fractional shares, giving them more control over how they allocate and grow their money over time.

Image: Shutterstock

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This article They Learned The Average Retiree Gets Just $1,424 At 62 And $2,275 At 70. Now They’re Warning, Whatever You’re Saving, ‘Double Or Triple It’ originally appeared on Benzinga.com

They Learned The Average Retiree Gets Just $1,424 At 62 And $2,275 At 70. Now They’re Warning, Whatever You’re Saving, ‘Double Or Triple It’

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