If there’s anything Americans fear more than death, it’s losing their savings.
This has been revealed by the annual survey of Allianz Center for the Future of Retirement. It found that 67% of Americans are more worried about losing money than death.
The survey reflects a sentiment that Americans are becoming less concerned about dying, and more troubled by the financial implications of staying alive.
“This money is running out,” said Kelly LaVigne, vice president of consumer insights at Allianz. “It’s not able to afford health care. It’s not able to afford long-term care.”
The Allianz survey released in late April asked Americans to choose the greater of two worries: death, or losing money. In the five recent annual surveys, “lack of money” has always won. This year, margins were higher than ever. The survey reached 1,000 adults ages 25 and older who had household incomes of at least $50,000 or investable assets of at least $150,000.
There are many reasons, both economic and socio-economic, why Americans are becoming more concerned about draining their money these days. People are living longer. Inflation is at its peak. The costs of health care and long-term care are rising. Fewer workers are retiring with pensions that provide a guaranteed income source.
Collectively, these factors raise expectations about how much money a typical American might need for even a modest retirement.
“You start seeing these stories: To have a comfortable retirement, you have to have $1.4 million,” said David John, senior strategic policy adviser at the AARP Public Policy Institute. “People see big numbers. And what big numbers can or can’t do really applies to them. But what it does is scare people.”
Our Biggest Retirement Fear: Money, Money, Money
In a more detailed retirement study released in April, the Transamerica Center for Retirement Studies ranked America’s biggest retirement fears. Most of them came for the money. Here are the top three:
- Declining health that requires long-term care (cited by 39% of respondents)
- Social Security cuts (38%)
- Residual savings and investments (36%)
“We cannot predict the financial strains that Americans are facing,” said Kathryn Collinson, CEO of the Transamerica Center.
Solid data supports those fears.
The cost of long-term care is rising. According to CareScout, the average assisted living facility now charges $6,200 per month.
Social Security will face a shortfall by 2032. If Congress does nothing, the research shows, retirees would see a 28% cut in monthly benefits.
According to the Peterson-KFF Health System tracker, life expectancy at birth will reach 79 years in 2024, a record high. Living longer increases your chances of running out of money, often with rising costs of care.
“In recent decades, we have seen tremendous increases in life expectancy and lifespan, but not necessarily in health-span,” Collinson said.
Retirement experts say depleting your savings is a tough one to fear. Here are some financial steps you can take to overcome this.
Delay in claiming Social Security
It’s tempting to take Social Security at age 62, when it becomes available to most retirees. But there are good reasons to wait.
For each year you postpone taking Social Security, your monthly benefit increases until age 70. Economists make a compelling case that based on human longevity, you will have more wealth over your lifetime if you wait.
“The closer you get to age 70 before you file a claim, the higher your lifetime benefit will be,” says AARP’s John. “The more of your essential expenses you can cover with Social Security, the better off you are.”
Maximize Your Retirement Savings
Thanks to recent changes in federal law, workers who are approaching retirement age can save more than ever in 401(k) or IRA accounts.
Any employee with a 401(k) plan can contribute up to $24,500 in 2026. Savers age 50 or older can make an additional “catch-up” contribution of up to $8,000, bringing total contributions to $32,500. The “super catch-up contribution” limit is even higher, at $11,250 for workers aged 60, 61, 62 and 63.
IRA contribution limits are comparatively modest. The 2026 limit is $7,500. The catch-up contribution limit for older savers is $1,100, for a total contribution of $8,600.
Create a Retirement Plan
Understandably, many Americans are worried about retirement. But we probably don’t spend enough time planning for it.
According to the Transamerica Center report, only 29% of Americans engage in retirement planning on a regular basis, and only 31% work with professional financial advisors.
Retirement planning can start by visiting the Social Security website. There, you can get a personalized estimate of how much your monthly benefit check would be if you retired at different ages.
Then, you can tally your main expenses: monthly outlays on food, shelter, transportation and other essentials.
See how your monthly expenses compare to your expected Social Security benefit. Then, look at what other sources of income you might have, and see how they match up.
Retirement experts say all of these calculations are much easier if you work with a professional advisor.
“Access to a financial advisor can be helpful, because they work with hundreds or thousands of clients, so they have experience with what the potential risks and potential outcomes might be,” Collinson said.
Consider Long Term Care Insurance
Long-term care insurance comes in many varieties. Costs vary dramatically according to the dollar amount of benefits, the length of care covered, and other variables.
The National Council on Aging reported in 2025 that a typical policy, which provides $165,000 in benefits for a single adult aged 55, could cost $950 per year for a man and $1,500 for a woman.
“A long-term care policy is the best answer, if you can get it and you can find someone to write it,” Allianz’s LaVigne said.
Another option is to buy a life insurance policy with a long-term care rider, which allows you to use some or all of the death benefit to cover long-term care.