If the thought of outliving your savings keeps you up at night, you have a lot of company.
The fear is at a record high
In its 2026 Annual Retirement Study, Allianz Life found that 67% of Americans worry more about running out of money than about dying, up from 57% in 2022. The survey, fielded in January 2026, included 1,000 adults age 25 and older.
- Gen X is the most worried, at 73%, followed by millennials at 69% and boomers at 59%.
- The top concerns are high inflation (57%) and high health care costs (53%).
- 48% don’t have a written financial plan.
That last number matters most. Fear grows in the gaps a plan would fill.
What the fear leaves out
In UNSPLODE I write about what’s often missing from the way people picture a failed retirement:
Of course, most people think about a failed retirement in terms of running out of money. … What is often forgotten in this equation is that you’ll also need to carefully think about how your health will play a role in your retirement.
Trevor B. Hanson, UNSPLODE
The book tells the story of a client called Mike, a hypothetical composite like every client story in UNSPLODE. Mike had a full, happy life and a solid plan, but he kept putting off travel because he wasn’t sure the trips would be safe for his retirement. Then his health started to change. Even though he was doing fine financially, the medical costs spooked him, and he kept waiting. He never took those trips.
The fear of running out of money is reasonable. Left unchecked, it can also cost you the very years your money was meant to pay for.
Five steps that help
1. Write your retirement purpose down
The simplest rule in the book for avoiding a failed retirement:
Don’t forget your retirement goals. Write it down on a piece of paper and tape it to your mirror—or some place where you will be constantly reminded.
Trevor B. Hanson, UNSPLODE
A written purpose makes it easier to say yes to what matters and no to what doesn’t, whether that’s an extra trip or a request you can’t afford.
2. Know your real cash flow
Fear is often a symptom of not knowing. How much income do you receive each month, and from where? How will retirement change it? What do you actually spend? An honest inventory turns a vague worry into numbers you can work with.
3. Use the “red zone” well
In the book I describe the red zone: the five years before retirement. It’s the time to settle your retirement purpose and goals, including how you’ll keep your health and your social circles, not just which fun activities you’ll fill the calendar with. Retirement can be a jarring transition, and the people who plan for the human side of it tend to handle it best.
4. Don’t let emotions make the decisions
Feeling anxious when markets drop is normal. Acting on that feeling is where plans get hurt. Allianz found that 34% of people pull money out after a significant drop to avoid further losses. Having a written plan, and a professional who will give you honest pushback, makes it easier to stay grounded in your purpose.
5. Plan for your health, too
Health care costs are the second-biggest worry in the Allianz study for a reason. My co-author, Dr. Caleb Pinegar, puts it bluntly in the book: don’t expect to be as fit at seventy as you were at twenty. Planning ahead for your health, and investing in it now, protects both your body and your budget. His side of the book covers how.
One small step
If you don’t have a written plan, start with the first page of one: your purpose. Then make sure the people helping you are actually on your side.
- Write it down with the free Define Your Why worksheet.
- Run the nine-question advisor check on your current plan, from the worksheets page.
- Take the WealthSpan version of the Unsplode Score to see where to start in the book.
For educational purposes only. Not financial, investment, tax, or legal advice. Talk with your own advisor about your situation.
About the author
Trevor B. Hanson is a wealth manager, the founder of ApexFlow Wealth Management, and co-author of UNSPLODE. He wrote the WealthSpan side of the book.
From the book UNSPLODE: The Bold New Approach to Reconstruct Your WealthSpan and HealthSpan. Read both introductions free.