Fear of outliving savings hits new high as retirement anxiety deepens

Americans are increasingly uneasy about their financial future, with concerns about depleting retirement savings reaching unprecedented levels.

The 2026 Annual Retirement Study from the Allianz Center for the Future of Retirement found that 67% of Americans now worry more about running out of money than dying. That figure marks a notable rise from 57% in 2022, underscoring how financial anxiety has intensified in recent years.

The concern is particularly pronounced among Gen Xers, with 73% expressing this fear, compared to 69% of millennials and 59% of baby boomers.

“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.”

Inflation and healthcare

Inflation and healthcare expenses are major drivers of this anxiety, cited by 57% and 53% of respondents, respectively. Other commonly cited pressures include uncertainty around Social Security benefits, potential medical emergencies, tax burdens, and broader economic instability.

Market volatility is also weighing heavily on retirement confidence. More than half of respondents (57%) said they feel anxious about their financial outlook when their retirement accounts decline due to market downturns. Half reported checking their accounts immediately after a drop, while 34% said they typically pull money out of investments to limit further losses.

Younger investors appear more reactive to market swings. Nearly half of millennials (46%) said they withdraw funds during downturns, compared to 30% of Gen Xers and just 8% of boomers.

At the same time, gaps in financial planning are leaving many Americans exposed. The study found that 48% do not have a written financial plan in place. Gen Xers again stood out, with 58% lacking a formal plan, followed by 56% of boomers and 47% of millennials.

Structured planning

The absence of structured planning is compounded by widespread uncertainty around key retirement issues. Many Americans reported not understanding how to move beyond basic retirement contributions, how Social Security fits into their long-term strategy, how taxes will change in retirement, or how to prepare for healthcare costs.

“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.”