Fear of outliving money at a record high

MINNEAPOLIS – April 23, 2026  – 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 Allianz Center for the Future of Retirement.

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 Kelly LaVigne, VP of consumer insights, Allianz Life. “Rising costs and ongoing economic uncertainty are making many people wonder if their savings will run out. Setting money aside is an important step but Americans also need a strategy to turn those assets into a reliable income stream that can last their lifetime.”

The most prevalent concerns contributing to this worry are high inflation (57%) and high health care costs (53%). Social Security not providing as much financial support as needed, potential health crises and high taxes, and general economic volatility are also common concerns.

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 January 2026 with a nationally representative sample of 1,000 respondents age 25+ with an annual household income of $50K+/$75K+ (single/married) OR investable assets of $150K+.