Close to 4 in 10 Older Households Are Spending More Than They Can Afford

For senior retirees, careful budgeting is of paramount importance because most are on a fixed income.

Unfortunately, millions of seniors can't quite make the numbers work. In fact, a report last May from the Employee Benefit Research Institute revealed 41% of older households spent more than their income over the course of the year. The same research also revealed median spending for single and retired individuals actually exceeded median income by $3,000. 

This troubling data means that more than four in 10 retirees are in serious danger of financial disaster. 

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Source Fool.com