By Lucille Reed • January 01, 2014

$1,130.33 is the average monthly social security benefit. Assuming you worked 40 hours a week, every week, that's the hourly equivalent of $6.40. Where can you live? Will savings save you?

Could you live on Social Security?

Where can you live?

Spending more than half of your monthly income on housing means paying about $600. Unfortunately, that may rule out most of the country as real options.

Will savings save you?

While most Americans approaching retirement age have saved some money, it still may not be enough.