- George Ziamniski, 62, lives in Pennsylvania on Social Security and a Walmart paycheck.
- He lives frugally and doesn't need to make large retirement savings, he said.
- But many seniors earn just below the federal poverty line and are unsure whether they will be able to retire.
George Ziamniski, 62, said he doesn't need too many.
He works two or three days a week. He cashes his monthly Social Security check at a Walmart warehouse, which he says is enough for his “modest” lifestyle. He has no retirement savings, but he's not worried.
“If I had a million dollars, I don't know what I'd do,” he told Business Insider.
Ziamniski's money is enough for the basics: an apartment, groceries, a cell phone, and the occasional little extra for books (he loves history) or new running shoes.
According to documents reviewed by BI, he lives in Finleyville, Pennsylvania, 45 minutes south of Pittsburgh, and receives $1,022 a month from Social Security. He makes about $800 every two weeks from his job at Walmart. And he has thousands of dollars saved up for emergencies.
“I live within my means,” he said.
To retire comfortably, the majority of Americans need Approximately $1.5 millionBaby Boomers are facing uncertain times, according to a survey by Northwestern Mutual.
The United States Retirement crisisMillions of seniors no longer have the savings and assets they need to leave the workforce.
More than half of Americans over the age of 65 are in the U.S., according to the Census Bureau's latest population survey. Annual income below $30,000 — Numbers close to Federal Poverty LineSome people rely on social security and live payday to payday. Will start to shrink by 2030.
Meanwhile, Ziamniski doesn't believe the $1.5 million is necessary, calling the amount “exorbitant.” It's far more than he can spend.
Ziamniski lives frugally and chooses not to take holidays.
Ziamniski has held various roles at Walmart. — including unloading trucks and replenishing stock — He's been doing the job for the past 14 years and has no plans to retire completely anytime soon: The salary helps supplement his Social Security income, and he says the job keeps him active and social.
He lives alone and does not own a car, but often uses public transportation or gets driven to work by relatives.
Ziamniski said she doesn't buy expensive foods but can afford groceries. She said she temporarily received SNAP benefits during the pandemic but decided not to renew her food benefits because she “didn't see the need.”
As for health care, Ziamniski said most doctor visits are covered by Medicare, which costs just over $150 a month and is deducted from his Social Security benefits.
But not all baby boomers live like Ziamniski. Business Insider spoke with seniors who said they've had to take out credit card debt to buy groceries, didn't have enough Social Security benefits to go to the doctor, or were forced to dip into their savings to pay for unexpected expenses.
Money gives people a sense of security, Mr. Ziamniski said, but he doesn't understand why others spend it on “luxuries” that are beyond his budget. Still, he doesn't support the rest of his family financially, and home prices in Finleyville are 21 percent lower than the national average, according to research firm PayScale.
Mr. Ziamniski said he doesn't spend much on leisure goods or activities, and he doesn't take vacations. “I've been everywhere enough already, and that's OK,” he said.
From now on, Ziamniski plans to use his free time for hobbies such as reading and writing. He doesn't have much savings, but he plans to keep working as long as he can.
“I think people would be happier if they realized there weren't so many things they 'need' as there were things they 'want,'” Ziamniski said.
Are you a senior living on Social Security? Are you willing to share how you spend your money? If so, please contact this reporter. allisonkelly@businessinsider.com.
