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.
A friend of mine retired and moved to Nicaragua with his Nicaraguan-born wife, receiving a small pension. Came back to visit with a big smile and pictures of his life there, home at the water's edge with a dock and fishing boat, servant maids, and all the lobster he could eat that he caught daily. Unfortunately, he died from a heart attack only two years after retiring. Died happy.