She lives with her husband Stephen, 67, and their two dogs in Robinson, Illinois. They struggle to make ends meet, and Dacus often worries about paying for groceries and health care.
A few years ago, Dacus said she could afford “wants,” like an item at a thrift store, and that she and Stephen could travel on weekends. They even had some retirement savings.
But with inflation and increasingly limited incomes, they are now struggling to afford basic necessities.
Social Security is the couple’s only source of income. Dacus receives $854 per month and her husband receives $1,286 per month, according to documents reviewed by Business Insider. Additionally, her household qualifies for $23 per month in SNAP benefits to purchase food.
“If we worked 40 hours a week Monday through Friday on my income, it would work out to about $2 an hour,” she said, comparing her Social Security income to a full-time salary. “They pay $12 an hour or something like that at McDonald’s.”
Dacus is one of millions of Americans who live paycheck to paycheck. Her income puts her above the federal poverty line, but her household income is still not enough to make ends meet. Like ALICEs – people with limited assets, limited income and employment – Dacus is not eligible for most forms of government assistance.
Older adults are particularly vulnerable financially, and many baby boomers worry they won’t have enough money to cover their living expenses in retirement.
Fifty-two percent of baby boomers have $250,000 or less in retirement assets, according to an April report of the Retirement Income Institute, the retirement research arm of the Alliance for Lifetime Income. Additionally, 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, America’s social security fund will be it is expected to dry at the end of the 2030s.
“It scares us a lot because we will always be here, God willing,” Dacus said. “How will we survive?”
With no savings or credit card debt, Dacus struggles to make ends meet
Last fall, the couple moved from Blytheville to Robinson, Arkansas. They wanted to be closer to Dacus’ brother and were able to buy a house for less than $50,000 using money from a lawsuit settlement. She’s not sure they could afford stable housing if they had to pay rent.
Dacus said she no longer had “extra money.” The couple has nearly $10,000 in credit card debt and has had to empty their savings account to afford housing, groceries and health care.
Sometimes, Dacus has to ask for an advance on his Social Security check to buy food because his SNAP benefits aren’t enough.
To make sure she and Stephen have enough to eat, Dacus relies on food banks. She was once turned away for having the wrong ZIP code — food banks typically handle demand by only serving households with specific addresses — but Dacus said the food bank closest to her was on the other side of town.
Dacus looks forward to being able to pay his car, utility and cell phone bills. Unless they are vaccinated, she can’t take her dogs to the vet. She and her husband rarely celebrate Christmas and birthdays because they cannot afford gifts.
“It’s a struggle,” she said. “Even our change container only holds about $1.50.”
Most of the couple’s prescriptions and basic medical expenses 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 was diagnosed with cancer. They don’t yet know what type of treatment he will need, but Dacus said if insurance does not cover it, it could be financially “catastrophic”.
She wishes there were more resources for seniors. Dacus has tried applying for government assistance outside of SNAP, but his options are limited. She said it’s especially difficult to get help when you don’t have children or live in a rural area.
“A lot of people think with Social Security you get a big check, you can move to Florida, buy a boat and go fishing,” said. “It’s not that.”
Are you a senior citizen struggling to make ends meet? Are you ready to share your story? If so, contact this reporter at allisonkelly@businessinsider.com.
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