Sigh... remembering the good ole days back in the late 1970s when my CD's were getting 8 percent/year and more. Now nearly nothing. But... I put my money in stocks and it has made much more than the 8 percent/year I was getting from CD's. Getting interest from banked money is a losing prospect, when taking into account that inflation is higher than whatever interest you earn in a bank. Invest in something else. And no, living off SS is not enough for many areas of the country.
I used CD’s as a “worst case scenario” for exactly the reasons you mentioned. It’s one notch above a mattress. :)
And regarding living off SS is not enough for many areas is exactly right. It’s one of the reasons I moved here from Seattle. There are people here that own their own land and home that are living off disability. Try that in Studio City, CA.
It’s also why a lot of retirees expatriate. I wanted to stay in the US.