Your advisement regarding diversified investments is great for someone who has the funds and ability gamble on the stock market. Unfortunately, not everyone has the assets it takes to make a noticeable difference. Those of us whose income is from a PERS annuity have no say over how our money is invested, even those of us who left money in a variable account when they retired.
My major investment is in real estate, and I live in it. Otherwise, I have a couple of TSAs, which I am required by the Feds to drawdown each year.
Last time I checked this pile was worth $780,000 which may seem like a lot to some folks... well, not Getbiggers, all of whom live in multimillion dollar McMansions. LOL! Anyway, I need to live somewhere, so it might as well be here where my expenses are nothing as compared to rents in this neck of the woods. Plus I am comfortable here and life’s short, specially for folks my age.
Investing long term in low cost, broad index funds is far from gambling. It's a very intelligent way to invest.
Anyone with any type and size income can do it. It's not about assets and income. It's about how much time you are in the market, how much you spend, how much you save, how much you invest and how you invest it.
That is what IroNat advised, and now you are twisting it and calling it something that it's not because you don't understand it and don't care to educate yourself in very simple investing basics.
You have zero investment in real estate. Your home that you live in is not a financial investment. It's an expense, unless you are renting out parts of it and getting some cash flow out of it. Like you said, you need to live somewhere. So it's not like you can sell your home to spend on food and health care.
Your PERVS annuity/pension and social security should provide enough income for the rest of your life as long as your spending stays under control.
It is possible for your pension to go bankrupt, and for social security and Medicare benefits to be cut, while inflation continues to increase out of control. However, because of your age and how little time you have left to live, you should be fine.