- Mary Dacus, 69, struggles to afford basic necessities on her Social Security income.
- Inflation and limited income have forced Dacus and her husband to dip into their savings.
- Older people like Dacus face financial vulnerability and many lack adequate retirement savings.
Mary Dacus, 69, no longer has a savings account.
She lives in Robinson, Ill., with her husband, Stephen, 67, and their two dogs. Making ends meet is difficult, and Dacus often worries about paying for groceries and medical bills.
A few years ago, Ms. Dacus said, she was able to afford “wants” like thrift store purchases, go on weekend trips with Steven and even have some savings for retirement.
But with inflation and falling incomes, they now struggle to buy basic necessities.
Social Security is the couple’s sole source of income — Dacus receives $854 a month and her husband receives $1,286 a month, according to documents reviewed by Business Insider — and the household is also eligible to receive $23 a month in SNAP benefits to buy food.
“At my income, working 40 hours a week, Monday through Friday, I’d be making about $2 an hour,” she said, comparing her Social Security income to her full-time salary. “At McDonald’s, I’d be making about $12 an hour.”
Dacus is one of millions of Americans struggling to make ends meet before payday. Though her income is above the federal poverty line, her household income is still not enough to cover her living expenses. Like ALICE, who has limited assets, restricted income and is employed, Dacus does not qualify for most government assistance.
Older people are especially financially vulnerable, with many baby boomers worried they won’t have enough money to cover living expenses in retirement.
52% of Baby Boomers will have less than $250,000 in retirement assets assets, According to the April report: The report comes from the Retirement Income Institute, the retirement-focused research arm of the Lifetime Income Alliance. Additionally, according to the Census Bureau’s Current Population Survey, more than half of Americans aged 65 or older are Earn less than $30,000 a year.
And if lawmakers don’t step in, the U.S. Social Security fund will Expected to dry By the late 2030s.
“It scares me to death that, God willing, we’d still be here,” Dacus said. “How are we going to survive?”
With no savings and no credit card debt, Dacus is struggling to make ends meet.
The couple moved to Robinson from Blytheville last fall. Arkansas. They wanted to live closer to Dacus’ brother so they could buy a house. I used my lawsuit settlement money to rent it for less than $50,000, and I’m not sure I’d be able to afford stable housing if I had to pay rent.
Dacus said they no longer have “extra money” — the couple has nearly $10,000 in credit card debt and has had to dip into their savings to pay for housing, groceries and medical bills.
Sometimes Dacus has to apply for an advance on her Social Security check to buy food because her SNAP benefits aren’t enough.
Dacus relies on food banks to make sure she and Steven have enough to eat. She’s been turned away before because she had the wrong postcode. Food banks typically manage demand by only providing food to households at certain addresses, but Dacus said the nearest food bank is on the other side of town.
Dacus worries about paying her car, utility and cell phone bills. She can’t take her dog to the vet unless she has it up to date on required vaccinations. She and her husband rarely celebrate Christmas or anniversaries because they can’t afford presents.
“It’s tough,” she said. “I only have about $1.50 in my purse.”
While Medicare covers most of the couple’s prescription drugs and basic medical expenses, they don’t have Medicaid, which means long-term care and other non-emergency medical expenses aren’t covered. Then a few weeks ago, Steven was diagnosed with cancer. They don’t yet know what treatment he’ll need, Dacus said. If insurance doesn’t cover it, it could be financially “catastrophic.”
Dacus wishes there was more help for seniors. She has tried applying for government assistance beyond SNAP, but her options are limited. She said it’s especially hard to get help if you don’t have children or live in a rural area.
“A lot of people think that with Social Security, you get a big check and you can move to Florida and buy a boat and go fishing,” he said. “But that’s not the case.”
Are you a senior citizen struggling to make ends meet? Would you like to share your story? If so, please contact this reporter. allisonkelly@businessinsider.com.
