Americans Fear Going Broke More Than Death, Study Shows

Nearly two in three Americans (64 percent) are more scared of running out of money than dying, a new study has found.

The Allianz 2025 Annual Retirement Study, which surveyed 1,000 U.S. workers aged 25 plus, found that the majority of millennials, Gen Xers and baby boomers harbor fears about dwindling savings, namely when they stop working.

Gen Xers, for whom retirement is fast approaching, were most concerned, with 70 percent saying they have a greater fear of financial instability later in life than death. Among millennials, 66 percent said they feared running out of money more.

Boomers, who are often thought to be more financially secure due to retirement benefits and accumulated wealth, still had 61 percent say they feared financial ruin more than the end of life.

Mark Turner, a retired financial professional and founder of GoldIRAGuide.com, told Newsweek that during his decades-long career, he has witnessed first-hand the fear among workers preparing their finances for later in life.

“I wasn’t shocked,” he said of the study results. “I’ve literally had people call our office in tears saying, ‘I don’t care if I die tomorrow, I just don’t want to die broke.'”

The study identified the top reasons why people are so concerned about their financial futures. Leading the list was high inflation, cited by 54 percent of respondents.

Tied in second place at 43 percent each were high taxes and doubts that Social Security will provide adequate support in retirement. In 2015, Social Security benefits represented about 31 percent of the income of people over age 65, according to the Social Security Administration data released in 2024.

Thirty-nine percent said they could imagine a future where Social Security—which is distributed to nine out of 10 people age 65 and older—no longer exists at all.

The Sandwich Generation

Gen X—those born between 1965 and 1980—were the most likely to be scared of running out of money over a fear of dying. Tom Buckingham, chief growth officer at Nassau Financial Group and retirement planner, told Newsweek that this is for a number of reasons.

“Gen Xers will not be able to depend on guaranteed income for life the same way most of their parents are due to concerns around Social Security and a significant shift away from defined benefits plan (pensions) to defined contribution plans like 401(k)s, which puts the onus on individuals to create their own spending plan,” he said.

“Also, I think their lifestyles are different than boomers’, many of whom were raised by parents who grew up during the Great Depression and carried that with them throughout their lives.”

What’s more, the cost of living is simply higher than it was, and while consumer prices and household incomes generally rise over time, this is hardly in tandem.

“Families simply spend more today than they did decades ago, and that can be challenging when there will be fewer predictable sources of income in retirement,” Buckingham said.

Turner said that Gen X is experiencing the most financial pressure, coupled with the least amount of support.

“They were told to save, invest, buy a house—and now they’re sandwiched between college tuition for their kids and health care for their parents,” he said. “They’re close enough to retirement to feel the pressure, but still far enough that they need growth—and that’s a tough line to walk.”

But the prospect of saving for a long retirement is still clearly a daunting task for all, with Turner saying people of all ages all share the same concerns regarding their money.

“I’ve talked to millennials buried in student loans, Gen Xers stretched between aging parents and teenage kids, and boomers who did everything ‘right’ but still feel behind because inflation has chewed through their savings like termites in drywall.”

Buckingham said that while it may be difficult, all groups should think about ways to “generate more income and live within their means.”

“Most boomers should consider annuities that provide guaranteed income for life,” he said, while “Gen Xers should consider secondary sources of income during their working years” to help save more toward retirement, “a portion of which they could use later to generate guaranteed income through those same types of annuities.”

Millennials, the youngest of the groups included in the survey, “simply haven’t saved much yet, so it’s hard to imagine accumulating enough assets to support themselves for decades in retirement,” Buckingham said.

“Millennials have so much time, and they should make that work to their advantage. The power of compound interest over decades is almost unimaginable.”