I am lucky that I have some savings but it can disappear quickly.
If I keep my job and retire at 67 and get I think $1,691 for social security then the savings I have will add more to that and I will have close to what I bring home from my job. If I work to 70 then I get $2,242 but I gotta keep working till I am 70. Better make some youtube videos for extra income...........
BTW if you make $100,000 you get $2,339 at 67 and at 70 you get $3,043
(I do not....)
Quick calculator:
https://www.ssa.gov/oact/quickcalc/index.html
Another factor which most people fail to account for is that when you are drawing social security, only 50% of it is counted as taxable income. When it is being confiscated from your paycheck, even the confiscated amount is counted as taxable income. I would really like to have a $500K nest egg when I retire. We are socking away 26% of every paycheck now, but with poor earnings from all but high risk investments, we will be lucky to have $300K.