More harrowing than gaining weight, public speaking or going to the dentist, running out of money in retirement is the biggest fear for wealthier Americans, according to Bank of America’s latest Merrill Edge report. But even fear of going broke will not curb this group’s spending habits.

The biannual survey—questioning 1,000 Americans with $50,000 to $250,000 in investable assets—found that 55 percent of respondents were terrified of not having enough money to live out retirement. But there is a stronger preference of living “in the here and now” than cutting back in spending to save more for the future, the study said.

Among respondents, 33 percent were willing to reduce their entertainment spending, 30 percent were willing to eat out less and 28 percent were open to cutting back on vacations.

“That type of disconnect might have a significant impact on the long-term financial well-being of these investors,” said Aron Levin, who heads up preferred banking and investments at Bank of America, in a statement.

Even when presented with a hypothetical windfall of $1 million, only 19 percent of respondents said they would set aside the “found money” for their retirement years.

Americans closest to the conventional retirement age of 65 are often the most worried about having enough money for retirement. The most recent study from national pollster Gallup found that 68 percent of Americans ages 50 to 64 were very or moderately worried about making do through retirement.