A financial expert on CBS explained why Americans require at least $1-million in savings to live a comfortable, not extravagant retirement. They can only spend 4-percent of that annually, which is $40,000 per year for expenses. Most retirees don’t have more than social security which can be as low as $500 a month & it’s why so many retirees have to work. That’s why homelessness is an issue to seniors.