For years, the message around retirement has been pretty simple: save early, contribute to your 401(k) and keep going.

That's good advice. But saving for retirement and actually planning for retirement are two different things.

According to the 2026 Allianz Annual Retirement Study, 58% of Americans believe simply having a retirement account, such as a 401(k), 403(b) or IRA, will be enough. At the same time, 56% admit they don't know what else they should be doing to prepare for retirement.

That's an important gap.

A retirement account is where you save. A retirement plan helps determine what you do with those savings.

Saving Is Step One

During your working years, the focus is largely on accumulation. You contribute, invest and give your money time to grow.

But eventually, the questions start to change.

How much can you comfortably spend? Where will your income come from? When should you consider taking Social Security? Which accounts should you draw from first? How could taxes affect your income? What about health care costs?

Your account balance alone can't answer those questions.

That's where retirement planning comes in.

A comprehensive retirement strategy looks beyond what you've accumulated and considers how your investments, income, taxes, Social Security, health care, spending and estate plan may work together.

Retirement Changes the Questions

One of the biggest changes in retirement is going from saving money to using it.

And that transition isn't always easy.

Allianz found that 32% of retirees said it felt wrong to start drawing down the assets they had spent decades accumulating. Another 42% worried they would regret spending too much money early in retirement.

Taxes create another layer of uncertainty. According to the study, 61% of Americans aren't sure how their taxes in retirement will compare with their current tax situation.

These are the types of questions that can be difficult to address with a savings goal alone.

Depending on your individual circumstances, retirement planning may include conversations about Social Security, withdrawal strategies, Required Minimum Distributions, Roth conversions, charitable giving and how assets with different tax treatments could work together.

Not every strategy makes sense for every person. The point is to understand your options before you need to make the decision.

A Plan Should Be Able to Change

Even a thoughtful retirement plan can't predict everything.

Markets change. Inflation changes. Health care needs evolve. Tax laws can change. And sometimes retirement itself arrives earlier than expected.

In fact, 42% of retirees surveyed by Allianz said they retired earlier than they expected.

That's why we don't believe a financial plan should be something you create once and put on a shelf.

It should evolve as your life does.

The goal isn't to predict every possible scenario or eliminate uncertainty. It's to have a strategy you can revisit and adjust when circumstances change.

It's About More Than a Number

Perhaps one of the most striking findings from the Allianz study is that 67% of Americans worry more about running out of money than death itself.

It's easy to see why so much of the retirement conversation revolves around one question:

"Have I saved enough?"

That's an important question, but it isn't the only one.

You also need to consider what you want retirement to look like, what your money will need to support, where your income may come from and how your strategy could respond when life doesn't go exactly according to plan.

Your 401(k), IRA and other savings are important pieces of that picture.

They're just not the entire plan.

If you've spent years focused on accumulating for retirement, it may be time to start asking a different question:

What is this money going to need to do for me?

That's where saving for retirement becomes planning for retirement.

Frequently Asked Questions

Is having a 401(k) enough for retirement?

A 401(k) can be an important part of retirement savings, but retirement planning can also include income needs, Social Security, taxes, health care, investments, estate planning and other individual considerations.

When should I start creating a retirement plan?

Retirement planning can begin long before you stop working. As retirement approaches, the plan can become more detailed as your income needs, expenses and retirement timeline become clearer.

How do taxes factor into retirement planning?

Different retirement accounts and income sources may receive different tax treatment. Understanding how those pieces could work together is one component of a broader retirement strategy.

Source

Allianz Center for the Future of Retirement®, 2026 Annual Retirement Study, Allianz Life Insurance Company of North America, 2026.

The study was conducted in January 2026 with a nationally representative sample of 1,000 individuals age 25+ who met specified household income or investable asset criteria.

This material is provided for general informational and educational purposes only and is not intended as individualized investment, tax or legal advice. Individual circumstances vary, and strategies discussed may not be appropriate for all investors. Consult with your financial, tax and legal professionals regarding your individual circumstances.

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