Trend reveals senior citizens are outliving their savings accounts, unable to make ends meet

HOUSTON, Texas (KTRK) -- A disturbing trend is rising for senior citizens in the United States as more and more are outliving their savings.

It is said about 20% of our parents and grandparents do not have retirement savings at all. For those who did not save or did not save enough, the reality of the situation is bleak because many only receive Social Security.

On average, social security only pays about $1,900 a month, making it difficult to make ends meet.

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The problem is worse for women because many missed significant time in the workforce, limiting their ability to contribute to things like retirement accounts. Women often make less than their male counterparts during their working years and live longer.

Officials at AARP tell ABC13 that even those who have saved money are concerned about a third fear of running out of money.

"Seniors in particular, many times they do not know the resources that are available to them, so things like the Harris County Area Agency on Aging is a great place to start, but I would also say there are Federal programs, like let's say your parents or you are not able to pay Medicare co-pays, there is a Medicare savings plan that you may be eligible for," Mary Liz Burns said from AARP.

Seniors may also qualify for Supplemental Security Income but must apply for the benefits to get them.

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AARP has excellent advice for seniors struggling to make ends meet.

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