DETROIT (WWJ) –  A new survey by Merrill Edge finds most Americans fear running out of money during their retirement.

Despite that fear, the survey also finds that Americans are unwilling to cut back on their current spending to help themselves down the road reports WWJ’s Rob Sanford.

Aaron Levine of the Bank of America says that children are often a priority put ahead of preparing for old age.

“While they want to keep the current lifestyle and because of that – save less retirement – when it comes to their children, they are very much willing to cut back on their current lifestyle so they have enough money to support their children,” said Levine.

Levine says building a plan and starting sooner on saver can help Americans achieve their short and long-term financial goals.

TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.


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