Allianz Life Study Finds Fear Of Running Out of Money Over Death At Record High
Rising costs, economic uncertainty and a lack of written retirement plans are fueling concerns.
KEY FINDINGS:
- 67% worry more about running out of money than death
- 48% do not have a written financial plan
- 57% feel anxious about their future financial well-being when their retirement accounts suffer a loss due to a market drop
Americans growing worry about running out of money has increased significantly over the last five years, according to the 2026 Annual Retirement Study* from the
Two in three Americans (67%) say they worry more about running out of money than death. This is up 10 percentage points from 2022 (57%). Gen Xers (73%) are more likely to hold this worry than millennials (69%) or boomers (59%).
“Americans are well aware that preparing to fund a decades long retirement is a big undertaking,” says
The most prevalent concerns contributing to this worry are high inflation (57%) and high health care costs (53%).
Market volatility, in particular, causes Americans financial stress. The majority (57%) say they feel anxious about their future financial well-being when their retirement accounts suffer a loss due to a market drop. One in two (50%) say they immediately check their retirement accounts after a market drop. Concerningly, more than one in three (34%) say they typically withdraw money from investments to avoid further losses when the market experiences a significant drop. Millennials (46%) are more likely than Gen X (30%) or boomers (8%) to withdraw from investments due to market volatility.
Planning gaps leave many Americans unprepared for retirement risks
A lack of planning could be driving this concern and widening these knowledge gaps. Nearly half of Americans (48%) do not have a written financial plan. Gen Xers (58%) are more likely than boomers (56%) or millennials (47%) to say they have no written financial plan.
For some of these contributing factors, Americans lack knowledge on what to do. The majority of Americans don’t know:
- How to start planning for retirement beyond contributing to a retirement account
-
How
Social Security will fit into their retirement strategy - How their taxes in retirement will compare to their current tax situation
- What their health care costs will be in retirement or how they will pay for it
“Not having a strategy for retirement can lead to Americans allowing fear to take over their financial future,” LaVigne says. “Creating a written plan with the help of a financial professional can help Americans address knowledge gaps, understand risks and incorporate risk management solutions to provide more confidence that their income can last 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
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