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When it comes to making ends meet in retirement, many American seniors rely heavily on Social Security benefits. In fact, 67% of seniors reportedly rely on Social Security payments for at least 51% of their income in retirement, according to the Senior Citizens League.
But with the average Social Security payment clocking in at $2,071 per month, according to the Social Security Administration, many retirees struggle to make their finances work. With costs in mind, I turned to ChatGPT for a potential plan to make a retirement plan work by leaning heavily on Walmart’s relatively affordable prices.
Using Walmart Shopping To Keep Food Costs Low
To kick things off, the chatbot included some assumptions for shopping at Walmart. It assumed that the retiree would mostly get store brands, buy in value sizes, tap into rollback deals and not have any special dietary requirements. With all of that in mind, ChatGPT estimated that a single retiree could spend around $250 to $300 per month on food at Walmart each month.
The tool broke down some of the costs, like around $90 on proteins — which might include chicken, eggs, canned tuna or ground turkey — and staples, which might include things like rice, pasta, beans or oats. According to the tool, it’s “very doable” to get enough to eat on $275 per month for one person at Walmart.
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Beyond Food Costs
If you’ve ever been in a Walmart, you’ll know that this retail giant carries far more than grocery items. When you make the trek across the store, shoppers can find everything from clothes and cleaning supplies to furniture and personal care items.
ChatGPT suggested doing as much shopping as possible at Walmart to keep costs low in other areas. For example, it estimated that a single person could spend around $60 to $80 per month for household and personal items like over-the-counter medications, toilet paper, laundry detergent, shampoo and more.
Additionally, you could buy basic clothing here to avoid overspending in that category.
How Far This Can Go
Altogether, ChatGPT estimated that retirees could spend around $370 to $400 per month at Walmart to cover their food, personal care items and household essentials. That’s a big win, according to the LLM, which estimates that retirees who don’t exclusively shop at Walmart spend around $600 to $800 on these same categories.
Ubiquitously found across the country, shopping at Walmart can help shoppers save in multiple ways. ChatGPT says it helps with “lower grocery prices than most chains” and “one-stop shopping that eliminates the potential for impulse spending elsewhere.”
Other Retirement Pressure Points
Saving on food and household essentials is a great starting point. But some of the other costs baked into retirement can’t be as easily adjusted. ChatGPT says, “Food is one of the few categories retirees can fully control. Walmart helps maximize that control — but it can’t fix high rent or medical shocks.”
Specifically, ChatGPT pointed out that shopping at Walmart won’t help your budget too much when facing high housing costs, increasing medical costs and unexpected expenses. It suggests that retirees looking to make things work on Social Security alone focus on other factors, like choosing to live in a low-cost area or bringing in an extra income through a part-time gig, to make retirement sustainable.
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This article originally appeared on GOBankingRates.com: ChatGPT Planned My Retirement on Social Security Income and Walmart Prices
