Two-thirds of investors worried they'll outlive their assets

As retirement draws near for millions of Americans, concerns over outliving their assets are emerging as a top financial priority, according to new findings from Global Atlantic’s March 2025 Retirement Outlook Survey.

The study, based on responses from more than 1,000 individuals between the ages of 55 and 75 with $250,000 to $2 million in investable assets – putting them within the mass affluent and high-net-worth bands of the wealth spectrum – found that two-thirds of investors are worried their retirement income may not last their lifetime. Among them, three in 10 say they are extremely or very concerned.

More broadly, the desire for stability is shaping retirement strategies. Nearly nine in 10 investors in the survey said having investments that generate a steady stream of income is important. When asked to rank their top financial priorities, 65 percent pointed to creating or utilizing a plan that ensures income for life, ahead of accumulating retirement assets or protecting wealth from loss.

Healthcare costs and inflation remain persistent stressors. About 90 percent of respondents said they worry about rising medical expenses in retirement, while 89 percent cited inflation’s impact on purchasing power as a major concern. Among those who have access to pensions, more than one-third are highly concerned about inflation eroding those benefits.

Social Security, long considered a financial safety net, is also under scrutiny. Seventy-six percent of those surveyed expressed concern that the system may not be able to pay full benefits for the duration of their lives. Thirty-five percent expect to rely heavily on Social Security to cover retirement expenses, while just 19 percent consider those payments to be supplemental.

Expectations for monthly Social Security benefits vary. The largest group – 31 percent – anticipate receiving between $2,000 and $2,999 per month, with a smaller share expecting more than $4,000. One in five expect less than $2,000.

Against this backdrop, attitudes toward annuities appear to be shifting. Thirty-six percent of investors said they view annuities positively, and 71 percent reported having either considered or already included them in their portfolios. Guaranteed income products that extend beyond Social Security and pensions were rated as important by more than four in five respondents.

When it comes to broader investment preferences, safety trumps growth. Forty percent of respondents listed asset protection as their top investment priority, while nearly six in 10 said protecting their assets is more important than growing them.

The survey also exposed a rift between people's attitudes towards retirement income and their confidence in their investment safety net. While 88 percent agreed having a steady income stream is important in retirement, just 54 percent believed their investments are adequately shielded from downturns in the market.

Only 57 percent of investors reported having a well-defined retirement income plan, while 43 percent said their strategies were either incomplete or non-existent.

Global Atlantic's research also revealed the crucial role advisors play. Three-quarters of investors (76 percent) said their advisors had discussed products designed to provide income while limiting downside risk. An equal share had conversations about guaranteed lifetime income strategies beyond Social Security.