President Trump signs TrumpIRA order expanding access to retirement savings
President Trump signed an executive order creating TrumpIRA.gov, which can be used by workers whose employers do not offer a 401(k) plan to enroll in a retirement plan.
If there’s anything Americans fear more than death, it may be living longer than they can save.
This is one of the findings of an annual survey by the Allianz Center for the Future of Retirement. It found that 67% of Americans are more worried about running out of money than death.
The survey reflects a sense that Americans may be less concerned about dying and more preoccupied with the economic consequences of staying alive.
“The money is running out,” said Kelly Lavigne, vice president of consumer insights at Allianz. “It’s about not being able to afford health care. It’s about not being able to afford long-term care.”
An Allianz survey released in late April asked Americans to choose the greater of two concerns. Death and lack of money. In the last five annual surveys, “lack of funding” has consistently prevailed. This year, profit margins were higher than ever. The survey was conducted among 1,000 adults ages 25 and older with household incomes of at least $50,000 or investable assets of at least $150,000.
There are several economic and socio-economic reasons why Americans have recently become more concerned about living longer than money. People’s lifespans have increased. Inflation remains high. Medical and long-term care costs are rising. Fewer workers are retiring with pensions that provide a guaranteed source of income.
Taken together, these factors raise expectations about how much money the average American will need to fund even a modest retirement.
“We’re starting to hear that people need $1.4 million to retire comfortably,” said David John, senior strategic policy advisor at AARP’s Public Policy Institute. “People see big numbers, and what the big numbers do or don’t really apply to them. But that’s what scares people.”
Biggest worry after retirement: Money, money, money
In a broader retirement study also released in April, the Transamerica Retirement Research Center ranked America’s top retirement fears. Most of them were about money. The top three are:
- Declining health condition requiring long-term care (said by 39% of respondents)
- Social security reduction (38%)
- Survive by saving and investing (36%)
“The economic burden facing Americans cannot be overestimated,” said Transamerica Center CEO Katherine Collinson.
Hard data supports these concerns.
Long-term care costs are increasing. The average assisted living facility currently costs $6,200 per month, according to CareScout.
Social Security could face a shortage as early as 2032. If Congress does nothing, research suggests retirees will see their monthly benefits cut by 28%.
Life expectancy at birth will reach an all-time high of 79 years in 2024, according to the Peterson-KFF Health System Tracker. Living longer increases your chances of living longer than money, which often increases the cost of care.
“While life expectancy and longevity have increased significantly in recent decades, this does not necessarily mean that healthy life expectancy has increased,” Collinson said.
Retirement experts say living beyond your savings is a terrible fear. Here are some financial moves you can make to alleviate that.
Delay in claiming social security
It’s tempting to start collecting Social Security at age 62, when most retirees become eligible for Social Security. But there are good reasons to wait.
Each time you postpone enrolling in Social Security, your monthly benefits increase until age 70. Economists make a convincing case, based on human lifespans, that if you wait, you’ll earn more money over your lifetime.
“The closer you are to age 70 by the time you file a claim, the higher your lifetime benefits will be,” said AARP’s John. “The more basic necessities that can be covered by Social Security, the better off you will be.”
Make the most of your retirement savings
Thanks to recent changes in federal law, workers nearing retirement age can now save more than ever in a 401(k) or IRA account.
Employees with 401(k) plans can contribute up to $24,500 in 2026. Savers age 50 and older can make additional “catch-up” contributions of up to $8,000, increasing their total contributions to $32,500. There is an even higher ‘super catch-up contribution’ limit of $11,250 for workers aged 60, 61, 62 and 63.
IRA contribution limits are relatively loose. The 2026 cap is $7,500. The catch-up contribution limit for older savers is $1,100, for a total contribution of $8,600.
make a retirement plan
Clearly, many Americans are worried about retirement. But you may not be spending enough time planning it.
According to a report by the Transamerica Center, only 29% of Americans regularly engage in retirement planning, and only 31% work with a professional financial advisor.
Retirement planning may begin by visiting the Social Security website. There, you can get personalized estimates of your monthly benefit check if you retire at various ages.
You can then tally up your main expenses: your monthly spending on food, housing, transportation, and other necessities.
Compare your monthly expenses to your expected Social Security benefits. Next, consider what other sources of income you have and see how they match up.
Retirement experts say working with a professional advisor makes all of these calculations much easier.
Mr Collinson said: “It may be helpful to consult a financial advisor because they have worked with hundreds or thousands of clients and have experience in what the potential risks and potential outcomes are.”
Consider long-term care insurance
There are various types of long-term care insurance. Costs vary widely depending on the amount of benefits, the length of care covered, and other variables.
The National Council on Aging reported in 2025 that a typical policy that provides $165,000 in benefits to a single adult aged 55 could cost a man $950 a year and a woman $1,500.
“If you can afford long-term care insurance and you can find someone to write it for you, long-term care insurance is the best answer,” Allianz’s Lavigne said.
Another option is to purchase life insurance with a long-term care rider. This allows some or all of the death benefit to be used to cover long-term care.
