Rich American retirees hoarding cash out of fear

New York

THERE'S a time in everyone's life to save. There's also a time when you're supposed to spend. That time is commonly known as retirement.

Millions of Americans aren't doing that, however, which has put the US in a perverse situation. Younger generations aren't saving enough as their income slips further behind previous generations. Older Americans meanwhile sit atop unprecedented piles of assets built through stock market and real estate booms.