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Americans now fear outliving their savings more than death, study finds
Inflation and economic uncertainty may be driving the concern
Updated:
key insights:
- A record 67% of Americans say they fear running out of money more than they fear death, according to a new Allianz Life retirement study.
- Inflation, healthcare costs, and economic uncertainty are the biggest drivers of retirement anxiety, with Generation X expressing the greatest concern.
- Nearly half of Americans lack a written retirement plan, and many admit they don’t understand key aspects of retirement income, taxes, and healthcare costs.
For many Americans, the prospect of outliving their retirement savings has become even more frightening than death itself.
A new study from Allianz Life Insurance Company of North America found that 67% of Americans now say they worry more about running out of money than dying — a record high and a 10-percentage-point increase from 2022, when 57% expressed the same concern.
The findings come from the company’s 2026 Annual Retirement Study, which surveyed 1,000 adults with moderate to high household incomes or investable assets.
The concern is especially pronounced among Generation X, with 73% saying they fear exhausting their savings more than death. That compares with 69% of millennials and 59% of baby boomers.
Kelly LaVigne, vice president of consumer insights at Allianz Life, said Americans recognize that financing what could be a retirement lasting decades has become increasingly challenging.
“Rising costs and ongoing economic uncertainty are making many people wonder if their savings will run out,” LaVigne said, adding that accumulating savings alone is no longer enough. He said retirees also need a strategy to convert those savings into dependable lifetime income.
Inflation and healthcare top the list of worries
The survey found inflation remains the biggest source of retirement anxiety, cited by 57% of respondents. Close behind were healthcare costs, named by 53%.
Other major concerns include:
- Whether Social Security will provide enough income
- Potential health crises
- High taxes
- General economic volatility
Market swings are also taking an emotional toll. More than half (57%) said they become anxious about their financial future when their retirement accounts lose value during a market downturn.
Half of respondents said they immediately check their retirement accounts after markets fall. More concerning, 34% said they typically withdraw money from investments during significant market declines to avoid additional losses — a move financial advisers often caution can lock in losses and reduce long-term returns.
Many Americans lack a retirement roadmap
The research suggests many consumers remain unprepared for retirement beyond simply contributing to savings accounts.
Nearly half (48%) said they do not have a written financial plan. Many respondents also admitted they are unsure how to begin retirement planning beyond saving money, how Social Security fits into their retirement strategy, what taxes they will owe after retiring, or how they will pay for healthcare expenses in retirement.
LaVigne said a written financial plan can help address those knowledge gaps and provide greater confidence that retirement income will last throughout retirement.
The findings underscore a growing challenge as Americans face longer life expectancies, persistent inflation, and uncertainty about future government benefits. While fears about outliving savings have existed for years, the Allianz survey suggests those concerns have reached their highest level since the company began tracking them.