Financial planners like Rose Swanger of Advise Finance in Knoxville, Tennessee, hear about these extreme money fears all the time.

But Swanger says she does not believe people have an actual death wish; they just do not know what they will do if they outlive their cash. "So they get scared, and freeze up, and become irrational," she says.

In one respect, collective despair is simply an acknowledgement of how much - or rather, how little - we are saving.

The Wells Fargo survey also discovered that 41 percent of those in their 50s are not putting anything aside for retirement, and 48 percent admit they will not have enough money to survive in their golden years.

Experts suggest taking a deep breath and refusing to let money fears overwhelm you. Social Security awaits in old age, and friends and family to help get you through lean times. And you can deploy multiple strategies to help prevent a penniless future.

Setting Goals

Instead of throwing up your hands, set a goal that is actually achievable

"Save a small amount, then a little more, and once it starts to add up, you will see your levels of stress and worry start to lower," says Michael Norton, a Harvard Business School professor and co-author of the book "Happy Money: The Science of Smarter Spending."

There are other ways to gain control of the situation.

"You may have to delay retirement by a couple of years, you may have to find ways to supplement your income, and you may have to reduce your standard of living both now and in retirement," says Wells Fargo's Ready. "All of those are ways of focusing on the reality of where you're at, instead of just giving in to despair."