Will Your Retirement Savings Last Long Enough? Many Americans Worry More About Running Out of Money Than They Do About Death

Published on June 2, 2026

A new study from Allianz Life has found that more Americans are more concerned about running out of money in retirement than they are of dying. The findings from the 2026 Annual Retirement Study, done by the Allianz Center for the Future of Retirement, revealed that:

• Overall, 67% of respondents worry about outliving their retirement savings more than death, 10% more than in 2022.
• Members of Generation X (ages 46 to 61) were more likely than older and younger cohorts to worry about using up their retirement savings before they died.
• Among top concerns about money were inflation, high taxes, Social Security insolvency, market volatility, and healthcare costs and health emergencies

Regarding market volatility, 50% of respondents stated they check their retirement accounts immediately after a market decline, and 34% will withdraw funds from investment accounts to stem any additional losses. So, although they are staying abreast of market conditions to some extent and are concerned about safeguarding their account balances, they have work to do to shore them up.

Failure to plan = planning to fail

This maxim seems related to the findings of the Allianz Life study. According to study results, behind these financial concerns is a lack of financial planning, as nearly one-half of study participants said they did not yet create a financial plan. Gen Xers were the likeliest age group to not have a plan of action, putting many pre-retirees at the older end of that group at risk for insufficient retirement savings. This is especially true as the average length of retirement is around 20 years today.

Compounding these concerns are the economic uncertainty created by global affairs, skyrocketing costs of health care and energy, and the pressures related to being the Sandwich Generation, caring for elderly parents and supporting adult children to some extent, while attempting to save for retirement.

According to Northwestern Mutual’s “2026 Planning & Progress Study” released last month, Americans think they will need $1.46 million to fund a comfortable retirement ($200,000 more than what they reported last year). This is widely divergent from a Fidelity Investment analysis of 401(k) balances uncovered at the end of 2025. That analysis showed that the average Gen X 401(k) balance among its plan participants is $222,100 and those in their 50s averaged $246,700. Baby boomers’ average balances were only $270,800.

Time to put retirement savings on the schedule!

Boost your retirement savings through self-direction

Of course, Gen Xers in particular need to try and save more; even small incremental increases every month will build up over time. And for taxpayers ages 50 and up, catch-up contributions to an IRA or other retirement plan will help.

For those who know and understand certain alternative assets, they can boost those retirement savings through a self-directed IRA. Rather than be harnessed to stocks, bonds and mutual funds and be stuck on cyclical roller coaster rides of gains and losses, investors can open a self-directed IRA (Traditional or Roth) and include real estate, precious metals, commodities, royalties, unsecured and secured loans, and so many more kinds of nontraditional investments that are prohibited in regular retirement plans. Small-business owners and the self-employed can open self-directed SIMPLE and SEP IRAs and solo (k) plans, depending on their situation.

Since alternative assets are not correlated with market performance and are generally long-term investments, account owners can invest for growth as they build a more diverse retirement portfolio, take advantage of investment opportunities that interest them, and build a hedge against market volatility. While self-direction isn’t for everyone, it IS for individuals who like to make their own investment decisions, are comfortable researching and conducting  their full due diligence, and may already be investing in these assets outside of their existing retirement plan.

At Next Generation, our webinars offer a wealth of information about how to build a more robust retirement portfolio with a self-directed IRA and are a great place to start your education about this retirement strategy. Simply complete the short form to receive the webinar download(s) of your choice. Our helpful team is here from 9 a.m. to 5 p.m. Eastern time to answer your questions about self-direction and the many alternative assets these plans allow. Email us at NewAccounts@NextGenerationTrust.com or call 888.857.8058.