The 2024 Annual Retirement Study by Allianz Life reveals that nearly two-thirds of Americans fear running out of money more than dying. This fear is primarily driven by high inflation, the reliability of Social Security, and the impact of high taxes. The data shows that 63% of respondents are more worried about their financial longevity than mortality, a rise from 57% in 2022. Generation X is particularly affected, with 71% sharing a greater fear of running out of money compared to 64% of millennials and 53% of baby boomers.

Inflation is the foremost concern, with 43% of respondents citing it as a major factor contributing to their financial worries. Black/African American and Asian/Asian American participants were more pronounced in inflation anxiety, while baby boomers were more likely to point to it as a significant worry. Social Security also features prominently, with 24% of participants anxious that it won’t provide sufficient financial support in their retirement years. High taxes also play a significant role in maintaining a sustainable nest egg.

To combat these financial fears, survey respondents cite various coping mechanisms, such as increasing retirement savings, cutting current expenses, and investing in lifetime income-generating products. Additionally, 88% of Americans share a desire to talk with a financial professional about maximizing investment returns, optimizing Social Security benefits, and investing in lifetime income-generating products.