As the pandemic passes the two-year mark, there seems to be an emerging gap in the financial security of younger Americans compared with their retired counterparts, new survey findings suggest.

Americans who have yet to retire and are still balancing careers, family and saving are feeling more worried about their financial future than they did at this point last year and are significantly less confident than current retirees.

In fact, nearly two-thirds (63%) of non-retirees said they fear running out of money more than death, versus less than half (46%) of retired respondents, according to Allianz Life’s 2022 Retirement Risk Readiness Study. The firm surveyed three categories of Americans to get different perspectives on retirement: pre-retirees (those 10 years or more from retirement); near-retirees (those within 10 years of retirement); and those who are already retired.

The latest findings also reveal that 68% of the pre-retirees polled said they feel confident in being able to financially support their future goals—down from 75% who said so 2021. In contrast, 89% of retired respondents said they feel confident about funding their future financial goals.

Retirees are also less worried than pre-retirees about a number of retirement concerns, including:

• having enough money to do what they want in retirement (28% versus 64% of pre-retirees);
• the cost of living increasing and being able to afford necessities (33% versus 69% of pre-retirees); and
• running out of money before they die (31% versus 65% of pre-retirees).

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