For many, retirement is an emotional experience. There are concerns, legitimate ones at that, regarding what comes next, post-work boredom and how to fill human connection and time voids created by departing the workforce, among others.
Arguably, death is different. Obviously, it’s not a pleasant topic of conversation, but many people realize it’s an inevitability. That makes it easier to reconcile and with that in mind, it’s not surprising that some folks have retirement-related worries that exceed death. It’s also not stunning that those concerns are largely related to money.
Consider the findings in the 2025 Annual Retirement Study from the Allianz Center for the Future of Retirement. Sixty-four percent of those surveyed are more worried about running out of money in retirement than they are about dying. That’s an obvious call for more pre-retirees and those already out of the workforce to work with advisors, but data indicate that’s not happening enough.
Retirees Need to Connect with Advisors
Many advisor/client relationships are formed while clients are working, which of course makes sense, but advisors shouldn’t take their eyes of prospects who are retired. It’s two-way street. Retirees that haven’t worked a financial professional shouldn’t assume it’s too late to do so because this is very much a case of better late than never.
That’s not just talk because upon closer examination, it simply doesn’t make a lot a sense that many people are more worried about running out of money than they are about dying, but many in that boat aren’t working with advisors.
“Few Americans have addressed this fear with their financial professional. Just 23% say they have talked to their financial professional about their concern that they will run out of money,” according to Allianz.
For advisors, it’s worth noting that some Americans are taking action to deal with their retirement money fears, indicating they are ripe for professional guidance. Allianz points out 44% of those queried are boosting retirement savings to allay post-work concerns while 41% are paring spending to shore-up retirement accounts. Another 39% are considering working longer. All three strategies imply a willingness to work with advisors.
Debt, Inflation Are Retirement Headwinds
Advisors know this already, but they need to be cognizant of why clients and prospects are more worried about money in retirement than they are about death. Two of the obvious reasons are debt and inflation – both of which are considerable retirement headwinds.
Mortgage debt is one thing and can be addressed via downsizing to a smaller primary residence in retirement, but high consumer prices and elevated consumer debt levels are true retirement burdens.
“Most Americans (62%) say they are not saving as much for retirement as they would like. The struggle to prioritize retirement savings shows how difficult and complex achieving long-term financial security can be,” concludes Allianz. “The most common factor keeping Americans from saving for retirement is expenses for day-to-day necessities taking priority (63%). This was followed by credit card debt (40%) and housing debt from a mortgage or rent (35%). ”
