As inflation bites into household budgets, taxes weigh heavily on incomes, and concerns over the reliability of Social Security continue to grow, a troubling truth has emerged from recent research: many Americans Fear Financial Insecurity in retirement more than they fear death itself.
The findings from a new study by the Nationwide Retirement Institute and the American College of Financial Services have shed light on how longevity—once a symbol of human progress—is increasingly being viewed as a financial burden.
For decades, advancements in healthcare and lifestyle have steadily increased life expectancy in the United States. Yet instead of celebrating the possibility of living to 100, most Americans are now dreading it.
With only 29% of U.S. adults expressing a desire to reach the century mark, the study shows that the majority fear the challenges that come with such a long life—particularly the financial and health-related difficulties that often accompany advanced age.
The research sends a stark message: unless fundamental changes are made in the way individuals and institutions approach retirement planning, a growing number of Americans may face their later years not with comfort and peace, but with anxiety and fear.
Americans Fear Financial Insecurity In Retirement More Than Death
For most of human history, living to 100 was the stuff of dreams and legends. Today, it’s a very real possibility. But instead of symbolizing prosperity, vitality, or wisdom, the idea of becoming a centenarian has started to represent something much darker for many Americans—financial vulnerability, physical decline, and loneliness.
The joint study revealed that only 29% of Americans want to live to 100, and that reluctance is driven largely by fears of running out of money and deteriorating health. These fears are not unfounded. Nearly three in four Americans worry they will outlive their savings.
That anxiety is especially acute among middle-class Americans, many of whom feel squeezed by rising costs of living and stagnant wages, and who lack access to robust employer-sponsored retirement plans. The concern is not just about the length of life but the quality of life—how long one can remain independent, healthy, and financially secure.
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As people live longer, their financial needs naturally increase. But most retirement plans are still built around outdated assumptions about lifespan. Historically, planning for 30 years of retirement was considered sufficient. Now, living into one’s 90s or even past 100 is far more common.
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And the consequences of that extra time can be severe: according to the American College’s research, extending retirement from 30 to 35 years increases the likelihood of depleting one’s savings by 41%, based on historical market returns. That figure alone illustrates why so many people now see a long life as a financial liability.
Inflation, Market Volatility, and Delayed Retirement: A Perfect Storm
In today’s economic climate, Americans are also grappling with several additional stressors that exacerbate retirement concerns. Chief among them are inflation and market volatility.
The rapid rise in prices has eroded the value of savings and increased the cost of essentials like housing, food, and healthcare—particularly problematic for retirees living on fixed incomes. Many have seen their purchasing power shrink while their monthly expenses climb.
Adding to these woes is the growing uncertainty surrounding Social Security. While the system remains a foundational source of income for most retirees, long-term projections about its solvency are increasingly bleak.
Policymakers have yet to agree on meaningful reforms, and for younger generations, trust in the availability of Social Security benefits is eroding. This distrust fuels additional pressure to self-fund retirement, often through investments that are subject to market fluctuations and economic downturns.
Against this backdrop, a significant portion of Americans are now rethinking the age at which they plan to retire. According to the joint study, 40% of non-retired Americans say they will delay retirement due to inflation. Delayed retirement might offer more time to save and reduce the number of years those savings need to last, but it also reflects the loss of a basic financial milestone—the ability to stop working after decades of labor.
The financial implications of a longer life are even more daunting when considering projected returns. With lower expected market performance over the next decade, retirees will need more substantial nest eggs just to maintain their standard of living.
The college’s analysis found that extending retirement by five years under lower projected returns could increase the risk of depleting savings by over 300%. For most Americans, that’s not a risk they’re equipped to manage on their own.
A Call for a Retirement Reset: Rethinking the Planning Mindset
Faced with this sobering reality, the research underscores an urgent need to rethink how retirement is planned and discussed. Financial insecurity in retirement is not merely a matter of poor saving habits or personal failure—it reflects a broader systemic problem in how the nation supports its aging population.
The current model, which largely places the burden of preparation on individuals, is failing to address the needs of a population that is living longer than ever before. Experts like Michael Finke, PhD, CFP, and co-author of the study, emphasize the importance of preparing for longevity.
“Too many people underestimate how long they’ll live—and that blind spot can seriously undermine their financial security,” Finke said. His team’s findings show that individuals who work with financial advisors and develop long-term plans that include guaranteed income options report significantly higher levels of confidence in their retirement prospects.
Guaranteed income strategies—such as annuities or pension-like products—can provide a safety net that traditional savings cannot. These products offer predictable income streams, regardless of how long someone lives or how the market performs. They are particularly valuable in an era where fewer employers offer defined-benefit pensions, and where 401(k)s and IRAs must stretch for decades.
The challenge, however, is making these tools accessible and understandable to the average person. Financial literacy remains a barrier for many Americans, who often find retirement planning to be overly complex or intimidating. That’s where advisors, policymakers, and financial institutions must step in—to provide not only products but also education, guidance, and support.
It’s also critical to foster a cultural shift in how longevity is perceived. Rather than seeing a long life as a looming threat, Americans need to be empowered to view it as a period that, with proper planning, can be meaningful and secure. That shift will require open conversations about realistic retirement expectations, investment in tools that mitigate risk, and a policy environment that supports long-term financial health.
The findings from the Nationwide Retirement Institute and the American College of Financial Services paint a troubling picture of retirement in America. With most adults fearing financial insecurity more than death, it’s clear that the nation is on the brink of a retirement crisis. The prospect of living to 100—once a cause for celebration—is now a source of anxiety for many, driven by fears of outliving savings, losing independence, and enduring health challenges without adequate support.
This crisis cannot be solved with individual effort alone. It demands a coordinated response from financial professionals, educators, employers, and policymakers. More than anything, it requires a collective willingness to rethink retirement itself—how it is planned, funded, and lived. Only then can Americans face their later years not with dread, but with dignity and confidence.