Nearly two-thirds of Americans, 64%, worry more about running out of money than they do about death.
That’s according to Allianz Life’s 2025 Annual Retirement Study, which surveyed 1,000 individuals age 25+ living in the contiguous US.
“We’ve been getting this response for quite a while — that people are more afraid of running out of money than death — but 64 % is the highest percentage that I recall,” Kelly LaVigne, the vice president of consumer insights at Allianz Life, told Business Insider.
He attributes the higher percentage to market volatility and general uncertainty in 2025. The study also found that more than half of Americans say inflation contributes to their fear of running out of money.
The fear is justifiable: The National Retirement Risk Index found that about half of households “will not be able to maintain their” preretirement living standard, while a Morningstar simulated model shows that about 45% of Americans who leave the workforce at 65 risk running out of money.
If you’re among the majority and worry you’re not saving enough for your future, start by addressing costly retirement mistakes to get back on track.
1. Make a plan and write it down. LaVigne says that one of the most common retirement mistakes is not having a written plan that accounts for various scenarios, including market corrections. A plan will not only help you achieve your retirement goals, but it will also provide a sense of security during times of uncertainty.
“There’s going to be some bumps in the road, like the volatility that we’re going through right now, but if you have a good plan with contingencies in place, it will help you to get through the fear of running out of money,” said LaVigne.
Start with figuring out your “number,” he said — the amount of money you want to save before leaving the workforce. Don’t just consider your essential costs; think about what lifestyle you want in retirement and how you want to spend your days. If you want to travel, for example, factor in those additional costs.
Writing up a plan is a simple first step to take, but it’s not necessarily easy, said LaVigne: “It does require some dedication. It requires you to be honest. It requires some discipline to say, ‘OK, what am I really spending my money on?'”
2. Understand Social Security. You can start receiving Social Security as early as age 62, but that doesn’t necessarily mean you should. In fact, many Americans regret taking it prematurely.
“Don’t just take Social Security because you turned 62,” said LaVigne. “It could be the right thing for you — I’m not an advocate for everybody waiting until age 70 — but knowing the rules around how Social Security works is a really, really important part. It’s not going to be your entire retirement income, but for the average American, it is about 40% of their retirement income.”
It’s important to understand the rules — for example, delaying claiming Social Security until after your full retirement age results in bigger monthly checks — in order to properly strategize and maximize this benefit.
3. Don’t panic. It’s easier said than done, especially amid market volatility that’s outside your control, but “overall, the best thing to do is not panic,” said LaVigne.
Stay the course, stick to your plan, and don’t let other people’s decisions impact yours: “Don’t be the one that says, ‘Oh, everybody’s pulling their money out. I’m going to pull my money out.’ And then six months or two years later, ‘Oh, I hear people are putting their money in. The market is rallying.’ By the time the market’s rallying, you’ve already missed some of the best days in the market.”
Time in the market beats timing the market.
“The hardest part about investing in the market over the long-term and for retirement is being able to sustain your position,” he said. But it’s essential, even amid market dips and dives, which are uncomfortable but “sometimes a natural part of the investment cycle.”
