The Allianz Life 2024 Annual Retirement Study offered a stark finding: 63% of respondents -- including 64% of millennials (those aged between about 28 and 43) -- reported being more afraid of living than dying! More specifically, they fear outliving their money more than they do coming to the end of their lives.

That's eye-opening but also reasonable: After all, the prospect of living with insufficient funds is scary. Here's a closer look at the study's findings, along with some guidance on how to not run out of money before you run out of breath.

A couple is poring over papers and looking very worried.

Image source: Getty Images.

Survey says...

Here are some additional insights from the Allianz Life study, shedding light on how many Americans are thinking about their financial futures:

  • While 64% of millennials are worried about running out of money, that fear is even more pronounced for Gen Xers -- 71% shared the same worry. That's not surprising, as Gen Xers are currently aged between about 44 and 59. In other words, they're approaching their retirement years. Only 53% of baby boomers shared that fear, but they're aged 60 to 78 now. The majority of them are already in retirement, with a lot more knowledge of their financial conditions.
  • Inflation is the most common concern among respondents, with 43% citing it. Here, boomers are more concerned than younger folks, presumably because they're living on somewhat fixed incomes now. Everyone should keep inflation in mind when thinking about and planning for retirement, as inflation can shrink the future purchasing power of savings -- by half.
  • Another major concern for many respondents is Social Security. Fully 24% worry that it won't provide as much income as it should. That's a valid concern because the average monthly retirement benefit was only $1,913 as of March -- amounting to about $23,000 a year. Worse still, the Social Security trust fund may be depleted by 2033, with retirees only getting 77% of what they're due. (This may not happen if our representatives in Washington take action. There are lots of ways to fix Social Security.)

Everyone needs a solid retirement plan

Many of those who may not be worried about running out of money in retirement are folks who have taken the time to develop a comprehensive retirement plan -- something everyone should do. That process will include figuring out how much income you expect to need in retirement and how you'll achieve it.

It's a good idea to plan for multiple income streams, such as from some or many of the following possible sources:

There are lots of ways to generate income for retirement. A little brainstorming and/or online digging should turn up some good ideas for you -- such as the possibility of a reverse mortgage or tapping a life insurance policy.

Have a good withdrawal strategy for retirement

Another key component of a good retirement plan is having an effective withdrawal strategy so that you don't deplete your nest egg too rapidly -- or too slowly. The 4% rule may be the most well-known strategy, though it's not without serious flaws.

The rule has you withdrawing 4% of your nest egg in your first retirement year and then adjusting future annual withdrawals for inflation. It's based on a 60-40 stock-bond portfolio allocation, though, which might not match yours.

Its effectiveness is also partly dependent on the state of the stock market as you enter retirement. If it has recently crashed, taking 4% may be too much.

Learn more about the 4% rule and other withdrawal strategies, to see which seems best for you.

There's always Social Security

Finally, remember that there's always Social Security, even if, in the worst-case scenario, you don't receive your full benefit. Social Security is particularly valuable because of its regular cost-of-living adjustments -- or COLAs. They'll help that income stream keep up with inflation. Remember, too, that there are multiple ways to increase your Social Security benefits. -- such as by timing when you start collecting Social Security strategically.

Worrying about running out of money in retirement is understandable, but if you take steps to strengthen your future financial security, you can likely reduce your worries.