Several Americans are scared of going broke during retirement
May 27 , 2014
Many Americans with significant amount of savings are scared to be left with no money during retirement. However, they are also not willing to change their current lifestyle in order to make sure that it doesn't happen.
Media reports note that a higher percentage of respondents are scared to have no money as opposed to those who fear gaining weight or losing their job.
"People are challenged by competing priorities - they need to save for retirement, but they have other pressing expenses such as paying off large debt and taking care of their family members," head of Preferred Banking and Investments at Bank of America said.