They Saved Far Too Little — or Nothing at All

Let’s start off the list with the biggest reason behind this addiction that seniors are facing in America. When it comes to savings, a high percentage either don’t save enough or don’t save money at all. It’s no small wonder that Social Security is their only source of reliable income. 

On average, seniors spend around $46,000 per year. But 28,6% only enter retirement with $10,000 in their bank accounts, not even a fraction of what they would need in one year. 

A more dizzying figure is this, 14% don’t have any savings put aside at all. In 2018 a survey found that as many as 42% of Americans will retire broke. That makes you think twice about your own piggy bank, doesn’t it?