South Floridians fear running out of money in retirement

 

icordle@MiamiHerald.com

Running out of money in retirement is a major fear for South Florida’s “mass affluent” — those who have $50,000 to $250,000 in investable assets, according to a new survey released on Wednesday.

The Merrill Edge Spring Report found that 57 percent of mass affluent respondents in Miami-Dade, Broward and Palm Beach counties confessed to fearing running out of money in retirement, which beat fears of losing their job (35 percent), public speaking (25 percent), weight gain (24 percent) or going to the dentist (23 percent).

The study further showed that 62 percent of respondents are focused on having enough money to live comfortably today.

When asked what competes with saving for retirement, 34 percent said paying off large debts, 32 percent said paying for a child’s college education, and 30 percent said unexpected costs.

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