Millions of Americans retire with little or $0 in savings — here’s how they manage to make it work regardless

Core Insights - Many Americans believe they need $1.26 million to retire comfortably, but most do not meet this goal, with millions retiring with little or no savings [1] - The median net worth for Americans in their 50s is $191,857, and for those in their 60s, it is $290,447, which is significantly below the retirement target [2] - A 2024 AARP survey indicates that one in five adults over 50 have no retirement savings at all [3] Group 1: Retirement Income Sources - Social Security coverage is nearly universal, with about 86.9% of Americans over 65 receiving retirement or disability benefits, increasing to 92.6% for those aged 75 and older [4] - The average monthly Social Security benefit as of August 2025 is $2,008, equating to $24,096 annually, which serves as a critical safety net for retirees with little or no savings [5] - Most retirees do not live alone, with only 21% of men and 27% of women aged 65 to 74 living by themselves, allowing many to benefit from dual Social Security payments, averaging $48,192 per year for couples [6] Group 2: Supplementing Retirement Income - Retirees can supplement their income with savings; for households in their 60s with a median net worth of $290,447, a 4% withdrawal rate could provide an additional $11,618 annually [3] - Many retirees can rely on a combination of Social Security and limited savings to support a basic but sustainable retirement [3] - Expenses in retirement are often lower than expected, as many retirees own their homes outright, leading to reduced living expenses [4]