Americans fear this retirement setback more than death

Key Points:

• A recent Allianz survey found that 67% of Americans worry more about running out of money in retirement than about death, with financial concerns consistently outweighing fears of dying over the past five years.
• Economic factors such as longer life expectancy, rising inflation, increasing healthcare and long-term care costs, and fewer pensions contribute to Americans' heightened anxiety about outliving their savings.
• The Transamerica Center for Retirement Studies identified the top retirement fears as declining health requiring long-term care (39%), potential Social Security cuts (38%), and outliving savings and investments (36%).
• Experts recommend delaying Social Security claims to increase lifetime benefits, maximizing retirement savings with higher contribution limits, creating detailed retirement plans, and considering long-term care insurance to mitigate financial risks.
• Despite widespread concern, only about 29% of Americans regularly plan for retirement, and just 31% work with financial advisers, highlighting a gap between retirement fears and proactive financial planning.