Allianz Life Study Finds Americans Struggle to Shift From Retirement Saving to Spending
Retirement risks can make it difficult for Americans to feel confident spending their savings
KEY FINDINGS:
- 71% working Americans say they anticipate being reluctant to spend money in retirement in order to preserve their account balance as much as possible
- 42% worry they will regret spending too much money early on in retirement
- 65% say the inconsistency of retirement expenses makes it challenging to plan a stable financial future
After decades of saving, many Americans struggle with the idea of actually spending their retirement savings, according to the 2026 Annual Retirement Study* from the
Seven in 10 (71%) working Americans say they anticipate being reluctant to spend money in retirement in order to preserve their account balance as much as possible. This feeling continues after leaving the workforce. Nearly two in five (39%) retirees are reluctant to spend to preserve their savings.
The top risks that contribute to being reluctant to spend money in retirement include:
- Outliving savings (50%)
- Future high medical expenses or needing long-term care (50%)
- Unforeseen costs such as major home repairs or emergencies (50%)
- Inflation reducing their purchasing power (48%)
“People spend most of their lives building their savings and it can feel uncomfortable or even wrong to spend that money,” said
Many retirees have experienced this hesitation. About one in three (32%) retirees say it felt wrong to start drawing down on their assets in retirement after accumulating for decades.
Spending expectations vs. reality
Retirees spend more than working Americans think they will in retirement. The majority of retired Americans (55%) say their current spending in retirement is comparable to 75% or more of their spending while working. Meanwhile, the majority in the workforce (60%) anticipate their spending in retirement to be less than 75% of their current spending.
Fear of regret
Americans worry that they will regret spending too much or too little. While 42% worry they will regret spending too much money early on in retirement, 35% worry they will regret not spending enough money in retirement.
“It’s not just how much you spend – it’s about what you spend it on,” LaVigne says. “When your spending aligns with what matters most to you, whether that is philanthropy or travel, you can feel more confident using your savings without fear of regret.”
The difficulty of predicting expenses in retirement adds to this concern. Three in four (75%) say it is very difficult to know how much money they will need in retirement with the way costs change.
“Many Americans may be financially prepared for retirement, but not psychologically prepared to spend,” LaVigne says. “That’s why retirement strategies need to evolve beyond building assets to managing how assets are used and addressing risks throughout retirement.”
* Allianz Center for the Future of Retirement® conducted the 2026 Annual Retirement Study in
The Allianz Center for the Future of Retirement® produces insights and research as a part of
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2025, Allianz Life provided additional value to its policyholders via distributions of more than $18.7 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, manages the suite of AllianzIM exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 156,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260721373270/en/
For more information:
Sarah Hauer
(763) 765-7341
[email protected]
@AllianzLife
Source: Allianz Life Insurance Company of North America


Cleveland Fed: Business activity up, but high fuel costs are increasing prices, hurting consumers
Bessemer Group Inc. Raises Stake in The Progressive Corporation $PGR
Advisor News
- Americans aren’t turning retirement plans into action, LIMRA finds
- Ashley Hinson ‘death tax’ story collides with truth
- How advisors can prepare clients for an uncertain retirement landscape
- Investors aren’t waiting out uncertainty
- Transamerica and Advo(k)ate Advisors launch pooled employer plan
More Advisor NewsAnnuity News
- California teachers settle class-action lawsuit over in-plan annuity fees
- Jackson Financial CEO caps 40-year career with blockbuster Q2
- Lumos Insurance introduces the Immediate Care Plan to help families fund long-term care
- NAIC regulators begin consensus phase on annuity illustration overhaul
- AM Best Revises Outlooks to Negative for Subsidiaries of Group 1001 Insurance Holdings, LLC
More Annuity NewsHealth/Employee Benefits News
- Findings from University of Maryland School of Nursing in the Area of Managed Care Described (The Value of Completing Annual Wellness Visits Over Time Among Older Adults Living in Low-Income Senior Housing): Managed Care
- Findings from Children’s Hospital at Dartmouth-Hitchcock in the Area of Managed Care Described (Timing of Medicaid Enrollment during Pregnancy and Associated Infant Outcomes): Managed Care
- Research from University of Southern California Reveals New Findings on Dementia (Heterogeneous responses to risk-adjustment reform: evidence from dementia diagnosis in Medicare Advantage): Neurodegenerative Diseases and Conditions – Dementia
- New Managed Care Study Results from University of Rochester Medical Center Described (Mapping diabetic eye exam non-adherence across urban-rural communities: A GIS-based regional analysis of socioeconomic disadvantage in the Rochester, NY …): Managed Care
- AHF Optimistic About New Senate Bill to Protect 340B Program from Greedy PhRMA and Health Insurers
More Health/Employee Benefits NewsLife Insurance News
- ‘Uniquely positioned’: Equitable outlines future post-Corebridge merger
- Don't keep checks with clerical errors
- The insurance distributor that builds its own software will win the next decade
- iA Financial Group Reports Second Quarter Results
- Supporting small businesses starts with smarter benefits conversations
More Life Insurance News