Allianz Survey Finds 67% of Americans Fear Outliving Money More Than Death
Updated
Updated · USA TODAY · Jul 12
Allianz Survey Finds 67% of Americans Fear Outliving Money More Than Death
2 articles · Updated · USA TODAY · Jul 12
Summary
A record 67% of Americans in Allianz’s latest survey said running out of money worries them more than death, the widest margin in five years of the poll.
1,000 adults with at least $50,000 in household income or $150,000 in investable assets were surveyed, with longer lifespans, inflation, rising healthcare costs and fewer pensions cited as key drivers.
Retirement anxiety extends beyond savings: a separate Transamerica study found 39% fear needing long-term care, 38% fear Social Security cuts and 36% fear outliving savings.
The financial pressures behind those fears are concrete — assisted living averages $6,200 a month, and Social Security could face a 28% benefit cut by 2032 if Congress does nothing.
Experts point to delaying Social Security, boosting 401(k) and IRA contributions, building a retirement plan and considering long-term care insurance as ways to reduce the risk.
Many retirees die with most of their savings intact. Is the real retirement crisis a lack of money, or a paralyzing fear of spending it?
Long-term care can cost over $100,000 annually. How can average families possibly prepare for this catastrophic and highly probable financial risk?
With pensions gone and Social Security at risk, what new retirement system will actually work for younger generations facing AI and job instability?
Outliving Retirement Savings: Why 36% of Americans Are More Worried Than Ever
Overview
Americans are increasingly worried about their financial security in retirement, with a record number fearing they will outlive their savings. This anxiety is driven by longer life expectancy, meaning retirees need their savings to last longer than ever before. However, this increased lifespan does not always mean more years in good health, leading to higher long-term care costs. At the same time, concerns about potential Social Security cuts and the lack of written financial plans among many Americans add to the uncertainty. Together, these factors create a challenging environment for those planning for retirement.