At the extremes, it IS possible to live on Social Security alone. I've worked for decades as a software engineer so my Social Security report says at age 70 I would collect $3428 per month. Could I live on $41K per year? Sure if I downsized, moved to a cheaper part of the country, and lived a somewhat frugal lifestyle.

In fact I have a wife, so we can actually collect 50% more. We will get $61,704 per year. Well above the poverty line for a couple.

People very consistently underestimate what Social Security is worth. I would need over $1.2 million dollars invested at 5% to make that much money every month. Social Security is the most conservative part of my portfolio.