Running out of money in retirement trumps other stress-inducing pressures such as public speaking and gaining weight for affluent Americans. But despite the prospect of not having enough money to live on later in life, many are unwilling to cut spending on indulgences now in order to invest for retirement – increasing pressures on resources such as Social Security, rather than utilizing employer-based savings tools.

Many mass affluent investors are taking a bit more of “a live for today” financial approach than you might expect, given their fear of running out of money in retirement,” says Aron Levine, head of Preferred Banking and Investments at Bank of America. “That kind of disconnect might have a significant impact on the long-term financial well-being of these investors.”

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