- George Dziamniski, 62, lives on Social Security and Walmart paychecks in Pennsylvania.
- He lives simply and avoids the need to save large retirement funds, he said.
- But many seniors have incomes near the federal poverty line and are unsure they will be able to retire.
George Dziamniski, 62, says he doesn’t need much.
He works two or three days a week. at a Walmart warehouse and cashes his monthly Social Security check, which he says is enough to support his “modest” lifestyle. He has no retirement savings, but he’s not worried.
“If I had $1 million, I don’t know what I would do with it,” he told Business Insider.
Dziamniski’s finances cover his basic needs: an apartment, groceries, and a cellphone. And, occasionally, he’ll spend a little extra money on a book — he loves history — or a new pair of running shoes.
He lives in Finleyville, Pennsylvania, a town 45 minutes south of Pittsburgh, and receives $1,022 a month from Social Security, according to documents seen by BI. He earns about $800 every two weeks from his job at Walmart, and he had a few thousand dollars saved in case of emergency.
“I live within my means,” he said.
To retire comfortably, most Americans estimate they will need around $1.5 millionaccording to a Northwestern Mutual survey. However, baby boomers are facing a period of uncertainty.
When the US was on the brink of collapse, retirement crisismillions of older people don’t have the savings or assets they need to stop working.
According to the Current Population Survey conducted by the Census Bureau, more than half of Americans over the age of 65 have annual income of $30,000 or less — numbers that are close federal poverty lineSome people live paycheck to paycheck relying on Social Security, which can start shrinking in 2030.
Dziamniski, on the other hand, didn’t feel the need for the $1.5 million. To him, the amount seemed “unreasonable” and much more money than he could spend.
Dziamniski lives frugally and chooses not to go on vacation.
Dziamniski has worked at Walmart in a variety of roles. —including truck unloading and inventory storage— for the past 14 years, and he has no plans to retire completely anytime soon. The salary helps supplement his Social Security income, and he says the work keeps him active and social.
He lives alone, and although he doesn’t have a car, he said he often takes public transportation or is picked up by relatives.
Dziamniski said she doesn’t buy expensive groceries, but she can afford enough. She said she received SNAP during the pandemic but opted not to renew her food benefits because she “didn’t feel like it was necessary.”
For health care, Dziamniski said most of her doctor visits are covered by Medicare, which costs a little over $150 a month and is deducted from her Social Security check.
However, not all boomers live like Dziamniski. Business Insider has spoken to older adults who are in credit card debt to buy groceries, don’t have enough Social Security income to go to the doctor, or are forced to dip into their savings for unexpected expenses.
He said money can help people feel secure, but he doesn’t understand why others spend more on “luxuries” than they can afford. But Dziamniski isn’t financially supporting other family members, and housing costs in Finleyville are 21% lower than the national average, according to research firm Payscale.
Dziamniski says he doesn’t often spend money on recreational items or activities. He also doesn’t take vacations: “I’ve been to enough places, and it’s fine with me,” he says.
In the future, Dziamniski plans to use his free time for hobbies such as reading and writing. Although he doesn’t have much savings, he plans to continue working as long as he is able.
“I think if people realized that they don’t ‘need’ as much as they ‘want,’ they would be happier,” Dziamniski said.
Are you an older adult living on Social Security? Would you be open to sharing how you spend your money? If so, contact this reporter at allisonkelly@businessinsider.com.
