What’s more concerning than death? For nearly two in three Americans, it’s running out of money during retirement.

That’s the finding from Allianz‘s 2025 Annual Retirement Study. A whopping 70% of individuals in their 40s and 50s are worried about their money stretching out far enough. The numbers are also high in other age groups, though: 66% of millennials and 61% of Baby Boomers over 60 also expressed similar concerns in the survey.

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Unfortunately, this isn’t one of those worries that’s overblown. Many Americans are at risk of running out of money after they retire. However, here are five things you can do to have peace of mind.

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1. Talk with a reputable financial advisor

If you’re afraid you might run out of money during retirement, one of the best things you can do is talk with a reputable financial advisor. Seeking wise counsel is a smart move regardless of age, even if you’re not worried.

Ideally, you should speak with a financial advisor who is a fiduciary. This means the advisor is legally and ethically obligated to act in your best interests rather than their own.

2. Create a detailed financial plan

A financial advisor will almost certainly recommend that you create a detailed financial plan. However, you can also take this step without consulting an advisor.

You’ll want to include all of your anticipated expenses in retirement. Be sure to factor in the potential for higher healthcare costs as you grow older. You should also include all income sources, such as IRAs, 401(k) plans, pensions, and Social Security.

Your detailed financial plan may show you don’t have to worry much about running out of money in retirement. Even if it does, knowing your situation will help you determine a strategy to address the problem.

3. Delay retirement and claiming Social Security benefits

Delaying your retirement could enable you to save more for your retirement years and keep you from running out of money. Delaying claiming Social Security benefits at least until your full retirement age (67 for anyone born in 1960 or later) will boost your monthly benefits. If you wait until age 70 to claim Social Security, your benefits will increase even more.

Granted, not everyone will be able to hold off until age 67 or 70 to retire and claim Social Security. However, delaying retirement for a shorter period (perhaps two or three years) could still make a significant difference in your long-term retirement income.

4. Use a dynamic withdrawal strategy

Many retirees use the 4% rule for withdrawing money from their retirement accounts. The idea here is that you can withdraw 4% of your total retirement savings each year, adjusted for inflation, to ensure your savings last for 30 years.

Unfortunately, the 4% rule doesn’t always work out so well. This can especially be the case when the stock market sinks during the early years of retirement.

Instead of following the 4% rule, you might want to use a dynamic withdrawal strategy — adjusting how much you withdraw from your retirement accounts based on your portfolio performance and financial needs.

5. Evaluate purchasing an annuity

Another step you could take to have peace of mind during retirement is to evaluate purchasing an annuity. You can think of an annuity as a kind of “reverse life insurance policy.” Instead of paying in regularly so your designated beneficiary receives a lump sum of money when you die, you give a lump sum of money to the insurance company to receive regular income.

Many annuities offer a guaranteed income stream as long as you live, regardless of any stock market fluctuations. Some annuities are indexed for inflation, so you won’t have to worry about the buying power of your retirement income being eroded.

However, annuities can have some downsides. Their contracts can be hard to understand. Fees and commissions can be quite high. Annuities could also generate lower returns than you could make with other investments. Before buying an annuity, follow our first step and talk with a respected financial advisor who’s legally bound to look out for your interests.

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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.