BOSTON (CBS) – Today 10,000 Boomers celebrate their 65th birthday and another 10,000 will celebrate tomorrow. That will happen every day through 2029. And by 2030 twenty percent of the nation’s population will be 65 and older.

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They may be eligible for Medicare and to retire from their jobs at 65 but they still must wait until they turn 66 to collect their full Social Security benefit. And the tail end of the boomers who turn 51 this year must wait until age 67 to collect their full benefits.

For 35% of retirees Social Security is their main source of retirement income. The average Social Security benefit is about $1,300 a month. Hard to survive on an annual income of $15,000.

A Federal Reserve survey last year found that 31% of Americans have no money saved for retirement and are not receiving a pension. That included 19% of people ages 55 to 64.

So if you are approaching 65 and have not saved very much, what are you supposed to do? Well you probably cannot retire unless you want to live with one of your kids.

If you have a job, keep it. And next year when you turn 66 and can collect your full Social Security benefit consider one of two scenarios. Keep working and accrue a larger Social Security benefit because for every year until age 70 your Social Security benefit will increase 8% a year if you delay it. Or begin to collect while still working and save your Social Security benefit. That will give you some savings set aside for emergencies.

If you don’t have a job, consider finding one. Without some savings these will not be the golden years for you will be eating at the golden arches.

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Work on your budget. List all of your expenses. That gives you an idea on how many dollars it takes to keep you solvent. What is your income going to be in retirement? Social Security and possibly a pension? What have you got in savings?

Experts say you should only use about 4% of savings annually if you want it to last through your retirement.

One more thing: For example let’s say you have a $100,000 saved, which is a lot, and if you take only the 4%, that’s $4,000 the first year and less each year thereafter unless it earns more than 4%. Will the $4,000 be enough to supplement your income and help maintain your lifestyle? Or do you have to withdraw more or do you have to consider changing your lifestyle and living on less?

According to a government analysis taken from the new census data, one in six older Americans lives below the federal poverty line which almost doubles the number of very poor seniors compared to the rest of the population.

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You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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