Are You Being Too Frugal in Retirement?

Many people are so afraid of running out of money in retirement that they don’t fully enjoy their life. Here are four tips if fear is holding you back.

Used teabags hang from a clothes line to dry for reuse.
(Image credit: Getty Images)

For most of your life, you work hard to save to set yourself up to retire. Once you leave the workforce, it’s time to enjoy the fruits of your labor. But, despite all that preparation, many people are still afraid.

The fear is real. The majority of Americans (61%) are more afraid of running out of money than they are of death, according to the 2023 Annual Retirement Study from Allianz Life Insurance Company of North America (Allianz Life).(1) And it makes sense when risks to retirement can feel seemingly insurmountable.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Kelly LaVigne, J.D.
Vice President, Advanced Markets, Allianz Life

Kelly LaVigne is vice president of advanced markets for Allianz Life Insurance Co., where he is responsible for the development of programs that assist financial professionals in serving clients with retirement, estate planning and tax-related strategies.