Can You Really Retire on Social Security Alone in 2026? An Honest Budget Breakdown
Written by
Josephine Nesbit
Edited by
Jenna Klaverweiden
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Last year, most Americans believed you needed $1.26 million to retire comfortably, according to Northwestern Mutual. But can you retire with less? And what if you have only your Social Security benefits?
For many retirees, Social Security accounts for the bulk, or even the entirety, of their retirement income. According to experts, here’s what a realistic budget would look like for retirees who depend solely on Social Security.
Can You Retire on Social Security Alone in 2026?
“Retiring exclusively on Social Security income is possible. Millions of people do it,” Melanie Musson, finance expert at Quote.com, wrote in an email. According to a 2025 study by The Senior Citizens League, nearly 22 million seniors live on Social Security alone.
“Just because it’s possible doesn’t mean it’s comfortable, though. If you’re used to living a frugal lifestyle with an extremely limited income, you’ll have an easier time adjusting than if you’re used to a comfortable middle-class lifestyle or higher,” Musson explained.
Steven Rogé, MS, CFP, CAP, AIF, chief investment officer and CEO of R.W. Rogé & Company Inc., also said it’s possible, but only if the budget is built around the benefit.
“A single retiree in a lower-cost area, or a couple receiving two benefits, may be able to cover essential expenses,” Rogé explained. “However, carrying debt, high housing costs or maintaining a frequent travel lifestyle would likely require additional income sources.”
A Realistic Example
According to Rogé, benefits typically range from $1,600 to $2,200 per month for a single retiree, depending on earnings and claiming age.
Here’s what Rogé said is a realistic baseline:
- $700 to $900 for modest or senior housing
- $200 to $300 for Medicare premiums and routine out-of-pocket costs
- $300 for groceries
- $150 for utilities and phone
- $75 for transportation
- $100 for everything else.
But living on this budget also means you can’t afford debt payments. “Any debt payment quickly breaks the math, which is why entering retirement with credit cards and car loans paid off is critical,” Rogé explained.
If you own your own home, Musson wrote that you may be able to keep up with taxes and insurance, depending on where you live. “If you’re renting, you’ll likely need to move to subsidized senior housing to afford a place,” she added. “You can depend on SNAP benefits or commodities for your grocery needs. But these benefits aren’t typically high enough to cover the whole grocery budget.”
This budget doesn’t leave room for discretionary spending, travel or emergencies, Musson explained, but if you’re careful, you may be able to save some money for special occasions and emergencies.
And if you live with someone else, your Social Security income could stretch further.
“Couples generally have more flexibility because two checks can support one household. With $3,200 to $4,200 per month, there’s often room for a car, small trips or stronger insurance coverage,” according to Rogé. “Durable budgets keep housing under one-third of income, review Medicare choices annually and use a single monthly ‘fun’ number to keep discretionary spending contained.”
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