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Rich in L.A. worry more about going broke as retirees than getting fat

Wealthy people in Los Angeles worry more about going broke in retirement than about losing their jobs
Nearly 7 in 10 Angelenos have competing financial obligations that make it tough to save for retirement
3 in 10 "mass affluent" in L.A. are paying off large debts

Wealthy people in Los Angeles worry more about running out of money in retirement than about losing their jobs or getting fat.

That’s the upshot of a new report, which analyzed the financial stresses weighing on the so-called “mass affluent,” generally those with investable assets between $50,000 and $250,000.

About 62% of wealthy Angelenos fear not having enough money in retirement, according to the study by Merrill Edge, a consumer banking unit of Bank of America Corp. That tops the 55% national level.

By comparison, 4 in 10 rich Angelenos worry about losing a job; only 26% are concerned about gaining weight.

The report underscores the competing financial obligations such as heavy debt that make it difficult for even well-off people to set aside money for their later years. Nearly 7 in 10 people in Los Angeles reported having significant conflicting financial obligations.

More than 3 in 10 Angelenos said they are paying off large debts, more than one-quarter are grappling with unexpected expenses and nearly 1 in 5 are paying children's college bills.

On a positive note, 85% of the mass affluent in Los Angeles said they have saved money for retirement, and on average they began saving at age 35.

Copyright © 2014, Los Angeles Times
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