The 2024 Annual Retirement Study by Allianz Life found that 63 percent of Americans are more worried about running out of money in retirement than about their own death. Frankly, I am surprised it was not more. My second book, “ Don’t Run Out of Money in Retirement ,” was written to address that concern by solving the questions many families had not yet thought of asking.
That percentage (63 percent) is higher than the 57 percent who worried most about running out of money in retirement in 2022. Forty-three percent of Americans say that high inflation contributes to their financial fears. Also of concern is the threat of Social Security disappearing (24 percent) and taxes increasing (22 percent).
That anxiety weighs heavily on Generation X (those born between 1965 and 1980); 71 percent of that cohort are more worried about living broke than their own mortality. Millennials (those born between 1981 and 1996) and Baby Boomers (those born between 1946 and 1964) clocked in at 64 percent and 53 percent, respectively, when it comes to being more afraid of running out of money than of death. The Allianz report cites that, “To help manage these concerns, Americans would like to talk with a financial professional about maximizing return on their investments (88 [percent]) and maximizing Social Security benefits in retirement (88 [percent]).
” Thirty-five percent of respondents said that they may wait longer to retire. According to the 2024 Planning & Progress Study from North.
