"Financial advisor, author and podcast host Suze Orman has issued a stark warning to retirees: Your Social Security check is disappearing faster than you think, and the primary culprit might be part of your daily routine. With 40% of retired Americans relying solely on Social Security income - with an average benefit check of about $2,071 per month, there's little room for error. Yet millions are making one costly mistake that's quietly draining their retirement security."
"Orman's message is direct: Retirees must learn to distinguish between needs and wants. A need is food purchased at a grocery store. A want is dining out at restaurants repeatedly - a pattern that transforms convenience into a financial liability for those on fixed incomes. The numbers reveal how devastating this habit can be. Consider a retiree who dines out regularly and grabs daily coffee - a routine that can quietly drain over $4,900 annually."
Forty percent of retired Americans rely solely on Social Security, with an average monthly benefit near $2,071, leaving minimal margin for error. Regular discretionary spending such as dining out and daily coffee can drain more than $4,900 annually, exceeding a quarter of the average benefit and threatening retirement security. Many adults finance dining and entertainment, creating habits that persist into retirement and undermine long-term stability. The U.S. personal savings rate fell from 5.2% to 3.5% in 2025, while retail sales rose about 3.2% year-over-year, reflecting increased discretionary spending despite declining savings.
Read at 24/7 Wall St.
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