We are all a bunch of financial worrywarts. Yet we don’t save nearly enough for retirement. We live beyond our means, and we lie to our financial advisers about it.
A recent Principal Financial Group study underscores the problem: 85% of respondents say they are losing sleep because they’re afraid that their money will run out long before their life does.
“A lot of people get their financial advice from family members, like the brother-in-law who has a lot of opinions on where you should invest your money,” says Luke Vandermillen, vice president of retirement and investor services at Principal. “That’s not the best way to do it.”