Nancy Neff, a 72-year-old resident of Connecticut, embarked on a transatlantic cruise to celebrate her retirement the very day after she became eligible for Medicare in her mid-60s. Now, nearly a decade later, she finds herself indulging in traditional lace-making classes in Belgium, while planning her much-anticipated visit to Parisher first time in the citywhere an antique lace auction piques her interest. With her adventurous spirit, she has already ticked off several remarkable destinations from her travel bucket list, including Australia, Fiji, French Polynesia, and Chile.

Reflecting on her past, Neff expressed concerns about the financial challenges that often accompany old age. I was very concerned about being an impoverished old lady trying to live on my own and not having anything beyond Social Security, she shared. To combat these fears, she took a proactive approach to her finances, saving more than she initially thought necessary for her retirement years.

The reality of retirement in America varies widely, with many older adults facing financial strain while others navigate their golden years with relative ease. Business Insider has connected with thousands of seniors, revealing a spectrum of experiences: some live paycheck to paycheck on Social Security, while others fret about depleting their savings. Interestingly, a significant percentage of American millionairesapproximately 40%are over the age of 65, according to data from the Federal Reserve Bank's Survey of Consumer Finances.

Neffs financial stability stems from her disciplined approach to saving and investing. She built a robust 401(k) and began saving at a young age, consistently setting aside about 25% of her monthly income throughout her career. Neff, who enjoyed a long career in academia and computer programming, noted that her salary eventually reached six figures. Although she traveled occasionally before retirement, she always maintained a strict budget to ensure her savings grew.

By the time she planned to retire, Neff was pleasantly surprised by the amount she had accumulatedover $1 million in savings. Her investment strategy favored stable, long-term growth over market speculation, allowing her to ride out economic downturns without significant losses. She also benefited from placing her savings in compound interest accounts and diversified mutual funds, which helped her wealth grow more quickly. Its all very classic advice, she stated humbly.

Today, Neff enjoys the freedom that comes with her financial success. She can comfortably cover her essential living expenses, travel costs, and most healthcare needs through Medicare. However, she remains prudent with her spending, a habit formed over decades. Neff opts for budget-friendly travel, seeks out affordable dining options, and often stays in modest accommodations. She has even tried camping and makes practical choices like cutting her own hair and purchasing secondhand clothing.

I dont really need a marble bathtub, she quipped, emphasizing that her travel experiences are not about extravagance but about exploration and discovery. Neff continues to find ways to save money, demonstrating that even in retirement, financial mindfulness matters.

Business Insider has encountered a variety of retirement stories, from baby boomers enjoying financial comforts to Gen Xers and millennials striving for early retirement and Gen Zers taking 'mini retirements' as a way to pause their careers. Yet, its important to acknowledge that financially secure retirees remain a minority group in the broader context of American society.

According to AARP, nearly one in five Americans over the age of 50 lacks sufficient retirement savings. Furthermore, data from the United Ways United for ALICE initiative reveals that about 42% of individuals across all age groups either live paycheck to paycheck or fall below the federal poverty line, which is approximately $15,650 annually for a single person.

Looking ahead, Neff plans to return to the United States soon for a knee replacement surgery, yet her passion for travel remains unwavering. She attributes her enriching lifestyle to decades of careful financial management and a bit of luck along the way. Ive been very lucky I had enough wits, I was sharp enough to be able to get a degree and work at a challenging job, she reflected, but she also emphasizes that her advice is rooted in more than just good fortune.

Do you have a retirement story or advice to share? Reach out to this reporter via email at allisonkelly@businessinsider.com or on Signal at alliekelly.10.