Nearly two-thirds of Americans say the anxiety over retirement finances greatly outweighs their fear of dying, according to a new survey published this week by Allianz Life.
The 2025 Annual Retirement Study found that 64% of Americans across age groups fear losing all of their savings more than death due to a variety of economic and social pressures. Gen Xers (those born between 1965-1980) lead all generations with 70% citing a fear of financial ruin followed by millennials (1981-1996) at 66% and baby boomers (1946-1964) at 61%.
“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,” said Kelly LaVigne, VP of consumer insights at Allianz Life. “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. A financial professional can design a strategy to help ease your worries about running out of money.”
The survey from the Allianz Center for the Future of Retirement noted that most Americans have not discussed their concerns with their financial advisor. Only 23% of those surveyed said they had discussed their financial difficulty with a professional financial expert, a decrease of 5% from the 2024 study in which 28% had such a discussion.
Despite the acknowledged fear of going broke, a majority of those surveyed across age brackets, 62%, said they do not put away as much for retirement as they would like. The most cited reason for a lack of savings was high inflation at 54%, followed by inadequate Social Security benefits at 43% and high taxes at 43%.
The 2025 Annual Retirement Study from Allianz was conducted between January and February 2025 from over 1,000 respondents age 25 and over. A margin of error was not provided.
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