More Americans are afraid of going broke than they are of dying.
A new study by Allianz Life lays it bare: 64% of Americans say they fear running out of money ahead of death itself. Furthermore, 62% say they’re not saving as much for retirement as they’d like.
High inflation, shrinking Social Security support and rising taxes are driving this fear. Inflation was the top concern, cited by 54% overall and 61% of baby boomers, more than millennials (56%) or Gen X (55%).
“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,” Kelly LaVigne, Allianz Life’s Vice President of Consumer Insights, said in a press release. “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.”
The fear of going broke is most prominent among Gen X (70%) — the “forgotten” generation — who are in their 40s and 50s and fast approaching retirement. Millennials aren’t far behind at 66%, while fear among boomers, many of whom are already retired, sits at 61%.
An April 2025 report from Northwest Mutual found the average American believes they’ll need about $1.26 million to retire comfortably. That figure is down from $1.46 million in 2024.
But many Americans are well short of this target. For those aged 55 to 64 and on retirement’s doorstep, the median retirement account balance is $185,000, according to Federal Reserve data. For those aged 45 to 54, the figure drops to $115,000.
Several forces are at work. Inflation has shredded the real value of savings, making everything from groceries to health care more expensive. And Social Security — a major factor in American retirement — is looking increasingly shaky. The program’s trust funds could be depleted by 2035 — a time when many Gen X may be entering retirement — forcing possible benefit cuts, unless the government takes action.
Read more: Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
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