A staggering number of Americans have little to no money to retire.

According to CNBC, "about 42 percent of Americans have less than $10,000 saved for when they retire."

A study from GoBankingRates found that Americans were just not stashing away money or investing it into a 401k because they didn't earn enough while simultaneously struggling to pay the bills.

Both millennials, who have even less than $10,000 saved, and older Americans regard the future as grim. In fact, retirees may be growing so pessimistic that are spending less money on the economy.

According to United Income's analysis, adults above 60 are trimming their spending by 2.5% a year, which will yield to a full 20% after a 10-year period.

"Retirees are not enjoying their retirement as much as they could," said Matt Fellowes, founder and CEO of United Income.