More Americans fear outliving their savings than dying, Allianz survey finds

More Americans fear outliving their savings than dying, Allianz survey finds
Inflation, Social Security uncertainty, and day-to-day expenses are fueling retirement insecurity across all generations.
APR 22, 2025

More Americans are prioritizing financial longevity over mortality, with a majority now saying they worry more about running out of money than dying, according to new research from Allianz Life.

In its 2025 Annual Retirement Study, the insurer found roughly two-thirds of respondents (64 percent) expressing greater concern over depleting their financial resources than facing death. This marks a continuing trend shaped by persistent economic headwinds and shifting retirement timelines.

Americans' fear of outliving their nest eggs is a recurring theme in retirement research, with similar surveys from Global Atlantic and the Alliance for Lifetime Income coming to the same basic conclusion.

According to Allianz Life, the primary reasons for this fear include inflation (54 percent), concerns that Social Security won’t be sufficient (43 percent), and high taxes (43 percent).

While inflation ranked highest overall, boomers (61 percent) were more likely to cite it than millennials (56 percent) or Gen Xers (55 percent) – despite Gen X leading in overall financial anxiety.

The fear of running out of money cut deepest among Gen Xers (70 percent), followed by millennials (66 percent) and boomers (61 percent). Gen X, many of whom are in their 40s and 50s, are approaching retirement with more immediate pressures and often without the benefit of traditional pensions.

“With Americans living longer in retirement and facing risks like market volatility, creating a financial strategy so that your money lasts your lifetime is a daunting task,” Kelly LaVigne, vice president of consumer insights at Allianz Life, said in a statement Tuesday.

Despite this high level of concern, only 23 percent of Americans said they had discussed the issue of outliving their savings with a financial professional – down from 28 percent a year earlier.

The findings also pointed to racial disparities in engagement. Asian and Asian American respondents were the most likely to have had retirement planning conversations with a financial professional (34 percent), while white respondents were the least likely at 22 percent. Among Black or African American respondents, 28 percent had spoken with an advisor, compared with 25 percent of Hispanic respondents.

To manage their fear, many Americans are considering practical adjustments. The top strategies identified were increasing retirement savings (44 percent), reducing current spending to save more (41 percent), and working longer to delay retirement (39 percent).

“A strong retirement strategy will go beyond a dollar amount in the bank – it will also address how you will create a reliable income stream from your assets,” Lavigne said.

Despite the prevailing emphasis on saving up and maintaining income in retirement, a majority (62 percent) were concerned they are not saving as much as they would like.

A significant number pointed to everyday financial burdens as the reason for falling short on retirement goals. Sixty-three percent said day-to-day living expenses take precedence. Other commonly cited factors were credit card debt (40 percent) and housing costs from a mortgage or rent (35 percent).

The concerns around debt are well-founded, as other research points to more people being financially encumbered even as they enter their decumulation era. According to one report from the Transamerica Center for Retirement Studies and Transamerica Institute, 45 percent of retirees were still saddled with debt, with many still paying down credit cards, mortgages, and other consumer loans in their golden years.

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