Allianz: Savers Worry More About Finances Than Dying

Rising inflation and health care costs are causing retirement savers to be increasingly concerned about how long their money can last. According to the 2026 Annual Retirement Study from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Co. of North America, two-thirds of respondents (67%) said they worry less about death than about running out of money. This marked a 10-percentage-point increase from 2022 (57%) and a slight increase from last year (64%).

Generation X respondents (73%) were the age group most likely to worry about running out of money, compared with 69% of Millennials and 59% of Baby Boomers.

The most-cited financial worry among all respondents was high inflation (57%), up from 54% last year.

“Americans are well aware that preparing to fund a decades-long retirement is a big undertaking,” said Kelly LaVigne, vice president of consumer insights at Allianz Life, in a statement. “Rising costs and ongoing economic uncertainty are making many people wonder if their savings will run out.”

Many respondents demonstrated active saving for retirement, but a lack of planning. Nearly half of respondents (48%) said they did not have a written financial plan, with Gen Xers (58%) more likely to have one than Boomers (56%) or Millennials (47%).

Market volatility continues as a significant source of financial stress, with more than half of respondents (57%) reporting feelings of anxiety about their future financial well‑being when retirement account balances decline during a financial market downturn. Half (50%) said they checked their retirement balances immediately after markets dropped.

More than one‑third (34%) said they typically withdrew money from investments to avoid further losses during periods of significant volatility. Millennial respondents were most likely to have done so, with 46% reporting withdrawals, compared with 30% of Gen X and just 8% of Boomers.

“Not having a strategy for retirement can lead to Americans allowing fear to take over their financial future,” LaVigne said in the statement. “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 surveyed 1,000 adults at least 25 years old in January. Respondents had investable assets of at least $150,000 or an annual household income of at least $50,000 for single households and at least $75,000 for married households.