Growing Concerns About Retirement Financial Security: Insights from Allianz Study
A recent study by Allianz underscores a growing concern among Americans regarding financial security in retirement, highlighting the increasing importance of life insurance and income solutions. According to the 2026 Annual Retirement Study by the Allianz Center for the Future of Retirement, 67% of Americans now fear depleting their savings more than death, a significant rise from 57% in 2022.
The study reveals that Generation X exhibits the highest level of concern, with 73% prioritizing financial longevity over mortality. Millennials follow at 69%, and baby boomers at 59%. Kelly LaVigne, Allianz Life's vice president of consumer insights, emphasizes the challenges of funding extended retirements amid rising living costs and economic instability, and the need to transform savings into sustainable income streams.
Inflation and health care expenses, affecting 57% and 53% of respondents respectively, are identified as primary anxieties, alongside concerns over Social Security, health risks, increased taxes, and market volatility. Market fluctuations are a notable stressor, with 57% feeling uneasy about retirement account value losses. Millennials, in particular, are prone to withdrawing investments to limit losses during downturns, with 46% doing so compared to 30% of Gen Xers and 8% of boomers.
Changing US Retirement Landscape
The US retirement landscape is evolving as approximately 4.1 million Americans reach age 65 annually until 2027, driving demand for retirement income products. US retail annuity sales reached a record $464.1 billion in 2025, with forecasts for 2026 remaining above $450 billion. Bryan Hodgens of LIMRA notes that many approaching retirement lack pension plans or other steady income sources, a contrast to previous generations.
Concerns from Generation X align with broader research findings by the Retirement Income Institute and Global Atlantic, revealing a significant gap in pension coverage. Only 14% of Gen X workers have traditional pensions compared to 56% of boomers. Additionally, 28% of Gen Xers aged 55 to 60 express high levels of concern about sustainable lifetime income.
The Allianz study also highlights that nearly half of Americans lack a written financial plan: 58% of Gen Xers, 56% of boomers, and 47% of millennials. LaVigne advises that creating a financial plan with professional guidance can help mitigate fear-based financial decisions and foster confidence in securing long-term income.