Most Americans Say A Financial Crisis Would Derail Their Retirement

Americans have been losing confidence in their financial well-being for years. Now a majority say an economic crisis would be a severe blow to their retirement plans.

In fact, nearly two in three Americans say they are concerned that another national or global financial crisis would hurt their ability to retire. That’s according to a new study from the Allianz Center for the Future of Retirement, which found Americans are increasingly worried about how a recession would affect what they can save for retirement and the taxes they pay on those funds.

Although many people worry about things outside their control, like a recession, tariffs, or market volatility, less than half of those surveyed said they have a plan in place in case of a financial crisis.

While some risks are out of your control, “you can create a financial strategy that addresses how you will mitigate the risk in the future,” Kelly LaVigne, vice president of consumer insights at Allianz Life, said in a release about the study.

To ensure they can do the things they want to do in retirement, people must set financial goals, develop a plan to reach them, and have a long-term estimate of how much money they will need and when. But fewer than half of the respondents said they don’t have any written financial plans.

“To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy,” LaVigne said. “Without a plan, you will never know if you are on track toward your dream retirement.”