The 39% Saving Habit: Why Retirees Won’t Spend—and How Guaranteed Income Helps

A 2026 Allianz Retirement Study finds that 39% of retirees hesitate to spend to preserve balances, and 32% say drawing down after decades of saving feels wrong, driven by fears of outliving savings plus rising healthcare and housing costs amid inflation. The research also shows that 77% would feel less spending-anxious with guaranteed income in retirement, highlighting the value of converting part of assets into guaranteed income and building a formal spending plan to support decumulation rather than survival withdrawals.