64% of U.S. adults fear financial collapse more than the end of life itself

Nearly two-thirds of Americans—64%—say they fear outliving their money more than death itself, according to the Allianz 2025 Annual Retirement Study.

The survey, which polled 1,000 adults aged 25 and older, revealed that financial anxiety spans generations, with Gen X, millennials, and baby boomers all expressing concern about running out of savings, especially after they retire.

Gen X, who are closest to retirement age, showed the highest level of concern—70% said the thought of financial insecurity in later life was more frightening than dying. Among millennials, 66% felt the same, while even among boomers—traditionally seen as better positioned due to pensions and long-term savings—61% reported greater fear of going broke.

“This fear of outliving your savings is something that cuts across all age groups,” said Kelly LaVigne, VP of consumer insights at Allianz Life Insurance Company of North America. “It doesn’t matter where someone is in their life or career—people are worried.”

“I Just Don’t Want to Die Broke”

Mark Turner, a retired financial advisor and founder of GoldIRAGuide.com, said he’s seen firsthand how deep the fear of financial ruin runs. “The results didn’t surprise me,” he told Newsweek. “I’ve 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 highlighted several key drivers behind Americans’ financial fears. At the top of the list: inflation, cited by 54% of respondents. High taxes and concern over the stability of Social Security followed closely behind, each mentioned by 43%.

Though Social Security has traditionally played a vital role in retirement—accounting for about 31% of income for seniors in 2015—many are doubtful about its future. In fact, 39% of those surveyed said they could imagine a scenario where the program no longer exists.

Gen X and the Burden of the “Sandwich Generation”

Gen X—those born between 1965 and 1980—emerged as the most anxious group in the study. Tom Buckingham, chief growth officer at Nassau Financial Group, says that’s because this generation faces a unique set of challenges.

“Unlike many boomers, Gen Xers can’t count on lifelong income guarantees from traditional pensions,” he explained. “They’ve had to navigate the shift to defined-contribution plans like 401(k)s, which means they’re largely responsible for creating their own retirement income.”

Buckingham added that Gen X lifestyles and attitudes also differ from those of earlier generations. “Many boomers were raised by Depression-era parents who carried frugality with them. Gen X didn’t have that same cultural touchstone, and it shows in their spending and saving habits.”

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