Reluctant to touch nest eggs: many retirees hesitate to spend retirement savings

A 2026 Allianz Life study finds 39% of retirees are reluctant to spend retirement savings, with 71% of working-age Americans expecting the same hesitation. Financial advisers say the transition from saving to spending is psychologically hard, as retirees fear running out of money even as they risk regret from under-spending, leading many to avoid even modest purchases and meaningful trips.