Here’s how millions of Americans retire with little or $0 in savings (and still make it work) — are you scared for no reason?

Yet despite these shortfalls, many retirees find ways to get by. Data suggests that a minimalist retirement may not be as bleak as many fear. Here’s a closer look.

Bare minimum retirement income

The good news for retirees is that Social Security coverage is nearly universal. According to the Pew Research Center, about 86.9% of Americans over 65 receive retirement or disability benefits. Among those 75 and older, that figure rises to 92.6%. (4)

In other words, Social Security serves as a critical safety net for those with little or no savings. As of August 2025, the average monthly benefit is $2,008, or $24,096 annually, according to the Social Security Administration (SSA). (5)

While that amount may not be enough to live on alone, most retirees don’t live alone. According to 2022 Census data, only 21% of men and 27% of women aged 65 to 74 live by themselves. (6) Most live with a spouse or in shared arrangements, meaning many benefit from dual Social Security payments — totaling an average of $48,192 per year for a couple.

In addition, some retirees can supplement that income with savings. Based on the aforementioned Empower data, if a household in their 60s has a median net worth of $290,447, then an annual 4% withdrawal rate could provide $11,618 in additional income.

In short, many retirees — despite modest or even no savings — can rely on a combination of Social Security and limited savings to support a basic but sustainable retirement. And for many, expenses in retirement are lower than expected.

Retirees usually have lower expenses

Living expenses often decline in retirement, largely because many retirees own their homes outright.

Housing is typically one of the largest household expenses. Without a mortgage or rent, and with no daily commute or dependents to support, retirees generally face lower costs than working-age adults.