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- Mary Dacus, 69, struggles to afford basic necessities with only Social Security income.
- Inflation and limited income have forced Dacus and her husband to drain their savings.
- Older adults like Dacus face financial vulnerability, with many lacking sufficient retirement savings.
Mary Dacus, 69, doesn't have a savings account anymore.
She lives with her husband Stephen, 67, and their two dogs in Robinson, Illinois. They find it difficult to make ends meet, and Dacus often worries about paying for groceries and healthcare.
A few years ago, Dacus said she could afford "wants," like an item at the thrift store, and she and Stephen could travel on the weekends. They even had some savings for retirement.
But, with inflation and an increasingly limited income, she said they now struggle to afford basic necessities.
Social Security is the couple's only source of income. Dacus receives $854 a month, and her husband receives $1,286 a month, according to documents reviewed by Business Insider. Additionally, her household qualifies for $23 a month in SNAP benefits to buy food.
"If we worked a 40-hour week from Monday through Friday with my income, it would come out to like $2 an hour," she said, comparing her Social Security income to a full-time work salary. "They're paying $12 an hour or something over at McDonald's."
Dacus is one of the millions of Americans who are living paycheck to paycheck. Her income places her above the federal poverty line, but her household income still isn't enough to make ends meet. Like ALICEs — people who are asset-limited, income-constrained, and employed — Dacus doesn't qualify for most forms of government assistance.
Older adults are especially financially vulnerable, and many boomers worry they won't have enough money to cover living expenses in retirement.
Fifty-two percent of boomers have $250,000 or less in retirement assets, per an April report from the Retirement Income Institute, the retirement-focused research arm of the Alliance for Lifetime Income. What's more, the Census Bureau's Current Population Survey found that more than half of Americans over 65 have an annual income of $30,000 or less.
And, if lawmakers don't intervene, the US Social Security fund is expected to dry out by the late 2030s.
"It scares us to death because we'll still be here, God-willing," Dacus said. "How are we to survive?"
With no savings and credit card debt, Dacus struggles to make ends meet
Last fall, the couple moved to Robinson from Blytheville, Arkansas. They wanted to be closer to Dacus' brother and were able to buy a house for less than $50,000 using settlement money from a lawsuit. She isn't sure they would be able to afford stable housing if they had to pay rent.
Dacus said she never has "any extra money" anymore. The couple has nearly $10,000 in credit card debt and had to drain their savings account to afford housing, groceries, and healthcare.
Sometimes, Dacus has to request an advance on her Social Security check to buy food because her SNAP benefits aren't enough.
To make sure she and Stephen have enough to eat, Dacus depends on food banks. She has been turned away before for having the wrong ZIP code — food banks typically manage demand by only serving households with specific addresses — but Dacus said the nearest food bank to her is across town.
Dacus is anxious about affording her car, utility, and cellphone bills. Unless they have a required vaccination, she can't take her dogs to the vet. She and her husband rarely celebrate Christmas and anniversaries because they can't afford gifts.
"It's a struggle," she said. "Even our change container only has about $1.50."
Most of the couple's prescriptions and basic medical bills are covered by Medicare, but they don't have Medicaid, meaning their insurance doesn't cover long-term care or other non-emergency medical expenses. And, a few weeks ago, Stephen received a cancer diagnosis. They aren't sure yet what kind of treatment he will need, but Dacus said if insurance won't cover it, it could be financially "catastrophic."
She wishes there were more resources for older adults. Dacus has tried to apply for government assistance besides SNAP, but her options are limited. She said it's especially difficult to get help when you don't have children or if you live in a rural area.
"A lot of people think that, with Social Security, you get this big check, and you can move to Florida, and you could buy a boat and go fishing," said said. "That's not what it is."
Are you an older adult struggling to make ends meet? Are you open to sharing your story? If so, reach out to this reporter at allisonkelly@businessinsider.com.