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George Dziamniski, 62, said he doesn't need much.
He works two or three days a week at a Walmart warehouse and cashes his monthly Social Security check, which he said is enough to finance his "simple" lifestyle. He has no retirement savings, but he isn't worried.
"If I had $1 million, I don't know what I would do with it," he told Business Insider.
Dziamniski's finances pay for his essentials: an apartment, groceries, and a cellphone. And, sometimes, he'll spend a little extra money on books — he loves history — or a new pair of running shoes.
He lives in Finleyville, Pennsylvania, a town 45 minutes south of Pittsburgh and receives $1,022 a month in Social Security, according to documents viewed by BI. He earns roughly $800 every two weeks from his job at Walmart, and he has a few thousand dollars stashed away in case of an emergency.
"I live within my means," he said.
To comfortably retire, the majority of Americans expect they need about $1.5 million, according to a Northwestern Mutual survey. But baby boomers are facing a period of uncertainty.
With the US on the brink of a retirement crisis, millions of older adults are without the savings or assets they need to stop working.
Per the Census Bureau's Current Population Survey, more than half of Americans over 65 had an annual income of $30,000 or less — a number close to the federal poverty line. Some are living paycheck to paycheck on Social Security, which could start shrinking by 2030.
Dziamniski, on the other hand, doesn't think he needs that $1.5 million. For him, the sum seems "outlandish" and is far more money than he could ever spend.
Dziamniski has worked at Walmart in various roles — including unloading trucks and stocking inventory — for the past 14 years, and he doesn't plan to fully retire anytime soon. The paychecks help supplement this Social Security income, and he said the job keeps him active and social.
He lives alone, and while he doesn't have a car, he said he often rides public transit or gets a ride from a relative.
Dziamniski said he doesn't buy expensive food items, but he can comfortably afford groceries. He said he briefly received SNAP during the pandemic but chose not to renew his food benefits because he "didn't feel it's necessary."
For healthcare, Dziamniski said most of his doctor's visits are covered by Medicare, which costs a little over $150 a month and is deducted from his Social Security check.
However, not every boomer lives like Dziamniski. Business Insider has spoken with older adults who have gone into credit card debt to buy groceries, don't have enough Social Security income to go to the doctor, or have been forced to drain their savings on unexpected expenses.
He said money can help people feel secure, but doesn't understand why others spend more funds on "extravagance" than they can afford. Still, Dziamniski is not financially supporting other family members, and the cost of housing in Finleyville is 21% lower than the national average, according to the research firm Payscale.
Dziamniski said he doesn't often spend money on leisure items or activities. He also doesn't vacation: "I've been enough places, and that's fine for me," he said.
Going forward, Dziamniski plans to use his free time on hobbies like reading and writing. While he doesn't have much savings, he plans to keep working as long as he's able.
"I think if people were to see that they don't 'need' as much as they 'want,' they could be happier," Dziamniski said.
Are you an older adult living on Social Security? Are you open to sharing how you spend your money? If so, reach out to this reporter at allisonkelly@businessinsider.com.
