Many mass affluent Americans continue to take a 'live for today' financial approach, even while living with the fear that they could possibly run out of money in retirement, says Aron Levine, Head of Preferred Banking and Investments at Bank of America. A recent Merrill Edge report found that 63% of mass affluent Americans say having enough money for "the here and now" is a higher priority than saving for the future. Meanwhile, 33% of those surveyed won't cut back on entertainment to save more. Levine says Bank of America is educating clients about the importance of financial planning so they can spend now and still live comfortably later.

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