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Sometimes, Diane Williams will buy a scratch-off lottery ticket in the hope she will win. She doubts it, but it's worth a try.
The 62-year-old works full-time in the airline and transportation industry and is considering applying for a second job to boost her income. Business Insider confirmed her take-home pay is about $2,400 a month, but it's barely enough to cover her regular expenses, like rent and groceries. Meanwhile, she has no 401(k) and worries she will never have enough money to retire.
"I'm not even trying to live like a rich person," said Williams, who lives in North Babylon, Long Island. "I'm just trying to get by — and I can't even do that."
Williams said she doesn't have any savings, and if her landlord were to evict her tomorrow, she is scared she "would be on the street." Because her income doesn't cover all her expenses, she frequently puts grocery and gas purchases on her credit card and has accrued thousands in debt.
She lives paycheck to paycheck and struggles to see a future where she can stop working. But, even though Williams is eligible for Social Security support at her age, she said she's waiting until she's closer to 70 to cash in for the maximum benefit.
Millions of other older Americans are facing a similar choice. Many baby boomers primarily live off their Social Security income in retirement. However, the average $1,907 Social Security check often isn't enough for many boomers to afford basic necessities. And more than half don't have the assets or savings to further support themselves.
Some, like Williams, are hopeful that waiting to enroll in Social Security will allow them to receive larger monthly checks in their 70s and 80s, even if it means struggling financially and continuing full-time work in their 60s.
Americans can start collecting Social Security at age 62. But, according to the Social Security Administration, their benefits will be lower than if they waited until their official retirement age — which varies by birth year. For example, if an individual born after 1960 takes Social Security right at 62, they will receive 70% of their potential funds instead of the 100% they'd get at age 67.
And, if retirees wait until age 70 to start their Social Security, their monthly amount will be even higher because they will receive delayed retirement credits — up to an 8% annual rate increase on their check — for the time they chose to forgo benefits.
To Williams, it feels "financially irresponsible" to apply for Social Security right now, she said.
Williams and her ex-husband share an apartment because neither of them can afford rent on their own. Their unit is in poor repair: Williams said the windows won't fully close, her water sometimes shuts off, and she doesn't usually have heat in the winter.
She has to "juggle" her other expenses: groceries, credit card bills, car repairs, gas, electricity, and other utilities. Williams struggles to get enough to eat but said her income is too high to receive SNAP food benefits. Still, Williams said she faces more than a $250 deficit each month.
For healthcare, she said she has some Medicaid insurance through the state, but she expects she will need to renew or get a new plan when it expires in the fall. Although Williams needs insurance for her medicine and doctor's visits, she said her job doesn't provide the kind of long-term coverage she needs for her chronic health condition, and doesn't think she can afford the fees to enroll in Medicare. She's not sure what to do.
"If I have to pay for that, what happens to other bills?" she said. "You get yourself stuck: you take from one bill to pay the next bill."
Not all boomers live like Williams. Some have few expenses and live in low-cost-of-living areas, others developed a strong "nest egg" from long corporate careers and can spend their retirement years vacationing.
Even so, BI has heard similar stories of older adults without savings who have to choose which bills to pay, delay important doctor visits, and struggle to put food on their tables.
Williams said her financial situation is "horribly stressful." But, while some extra money would help supplement her paycheck, she's confident in her choice to wait for Social Security.
"I can't imagine a situation that would make me say I'm going to take it earlier," Williams said. "If I can fight it out until full retirement age at 67, I can fight it out until I'm 70. I've been fighting my whole life."
Are you an older adult waiting to collect Social Security? Did you start collecting early? Are you open to sharing your reasons? If so, reach out to this reporter at allisonkelly@businessinsider.com.
