Allianz survey finds that nearly two-thirds of Americans are more worried about running out of money in retirement than they are about dying.

Summary

Faced with inflation, taxes and concerns over the size of Social Security benefits, most Americans are more afraid of going broke in retirement than they are of death.

In total, 64% of respondents across generations said they are more stressed about running out of funds in their golden years than the prospect of death.

Americans say they need $1.26 million to finance a comfortable retirement, yet the median amount saved is $87,000. “Certainly for boomers…inflation is a big deal.”

  • Baguette@lemm.ee
    10·
    1 day ago

    For the number folks:

    The most respondents cited high inflation (54%), Social Security not providing as much financial support as they need (43%), and high taxes (43%). Boomers (61%) were more likely than millennials (56%) or Gen Xers (55%) to say high inflation contributed to their fear of running out of money.

    But this fear is more prominent among Gen Xers (70%) who are in their 40s and 50s and fast approaching retirement and millennials (66%) than boomers (61%) who are over 60 and many have already retired.

    Asian/Asian American respondents (34%) were more likely to have discussed this fear than white (22%), Black/African American (28%), and Hispanic (25%) respondents.

    Interestingly no mention of Gen Z, who I guess is just starting their careers so might be why?

    Though I’d imagine the doom and gloom is just as high for Gen Z if not more.