More fears of bankruptcy than dying Americans.
A new study by Allianz Life reveals this: 64% of Americans say they fear running out of money before they die. Additionally, 62% said they didn’t save as much for retirement.
High inflation, reduced social security support and rising taxes are causing this fear. Inflation is the most concerned concern, with 54% overall and 61% baby boomers, exceeding millennials (56%) or Gen X (55%).
“As Americans retire longer and face risks like market volatility, developing financial strategies that keep your money going for a lifetime is a daunting task,” Kelly LaVigne, vice president of consumer insights at Allianz, said in a press release. “A strong retirement strategy will exceed the bank’s dollar amount – it will also address how to create a reliable source of income from assets.”
The fear of bankruptcy is the most prominent among Generation X (70%) (the “forgotten” generation), who were retiring quickly in their 40s and 50s. Millennials are not lagging behind 66%, while the tide’s fear (many of which have retired) is 61%.
A report from Northwest Mutual Aid in April 2025 found that the average American thinks they need about $1.26 million to retire comfortably. This figure fell from $1.46 million in 2024.
But many Americans are far from meeting this goal. According to Fed data, the intermediate retirement account balance is $185,000 for those aged 55 to 64 and at the doorstep. For those aged 45 to 54, that number dropped to $115,000.
Several forces are at work. Inflation has weakened the true value of savings, and everything from groceries to healthcare is even more expensive. Social Security (the main factor in U.S. retirement) looks increasingly shaky. The program's trust funds may be exhausted in 2035, when many Gen Xs may enter retirement, and may cut benefits unless the government takes action.
Read more: Here are 5 "must have" items that Americans (almost) always pay for overpay and quickly regret it. How many people hurt you?
Good news? You don't have to be a millionaire today to retire comfortably tomorrow. But it is wise to start taking smart, focused actions and about to go.
Start saving now, no matter how much it is: Over time, the magic of complex interests will be conceived. You can save longer, more complexity, and in your favor. Delays or even a few years can take you a huge time.
Improve your retirement account donations: If you have a free money, maximize your employer's 401(k) match. If possible, if you are over 50, take advantage of the catch-up contribution.
Be emotionally prepared: Many retirees don't withdraw because they run out of money - they just lose their sense of purpose. Start planning now, once the 9-5 hone is over, how you will stay mentally active, socially connected and personal fulfillment, and you can be mentally fully prepared.
This article provides information only and should not be construed as advice. It is without any warranty of any kind.