39% of retirees afraid to spend savings

(CNN)– A recent survey shows that many retirees are afraid to spend their hard-earned savings after leaving the workforce.

The report from the financial services provider Allianz showed that 39% of retirees are reluctant to spend their retirement savings.

And 71% of working-age Americans say they expect to feel the same way when they retire.

Even those who have saved a nice nest egg say the psychological shift from saving to spending is hard to overcome.

The survey found that the number one fear for retirees is outliving their savings.