Survey finds retirees reluctant to spend accumulated savings

Many American retirees are choosing not to spend their savings, even when they have plenty of money. A Prudential Financial survey of more than 3,000 people aged 50 and older found that only 14% felt comfortable spending on things like travel and restaurant meals. More than half said they would prefer to leave money behind rather than risk running out. Among retirees with over $500,000 saved, this figure rose to 70%. A separate study found that nearly 64% of Americans fear running out of money more than they fear death. Retirees are living longer than before, which makes this worry understandable. However, research shows that middle-income retirees in their 80s had kept about three-quarters of their original savings unspent.