A majority of older American households spend less than they make, but in 2009, more than 14 percent of older households spent well beyond their means.

A new report by the Employee Benefit Research Institute found that single people, households without pensions, African-Americans and Hispanics are more likely to spend more than they earn. Health care and home-related expenses are the biggest drivers of income deficit.

Deficit spending is especially bad for the elderly, said Sudipto Banerjee, EBRI research associate.

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