Most Americans Fear a Financial Crisis Could Wreck Their Retirement Plans — And Many Blame Trump's Economy.
A growing number of Americans are anxious that another financial crisis could shatter their dreams of a secure retirement. According to a new study from the Allianz Center for the Future of Retirement, nearly two in three Americans say they’re worried a major economic downturn — national or global — would derail their ability to retire comfortably.
The anxiety isn’t just about the economy in general — it's about personal preparedness, or the lack thereof. While most respondents acknowledge the importance of setting clear financial goals and making plans to reach them, fewer than half say they actually have a written plan in place in the event of a crisis.
"To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy,” said Kelly LaVigne, vice president of consumer insights at Allianz Life. “Without a plan, you will never know if you are on track toward your dream retirement.”
Americans’ confidence in their financial futures has been eroding for years, worn down by repeated market shocks, rising inflation, and ballooning national debt. Now, as the possibility of another recession looms, many feel exposed and underprepared.
Although the study shows Americans understand the importance of financial planning, fewer than half said they have any kind of backup strategy if the economy turns south. “You can create a financial strategy that addresses how you will mitigate the risk in the future,” LaVigne added, emphasizing that preparation is possible, even in uncertain times.
But for many Americans, it feels like the odds are stacked against them — and the blame is increasingly falling on the current administration. Under President Trump’s leadership, economic volatility has spiked, trade wars have disrupted global markets, and inconsistent fiscal policies have injected further uncertainty into retirement planning.
What’s more, proposed budget cuts to Social Security, changes to Medicare, and the mounting federal deficit have only added to the sense of financial insecurity for working Americans. Trump's economic decisions, particularly his push for tax breaks that disproportionately benefit the wealthy and large corporations, have left average Americans feeling like they’re footing the bill — with their futures on the line.
In the end, while the study underscores the importance of planning ahead, the sobering reality is this: even the best financial strategy may not be enough to shield retirement dreams from the ripple effects of reckless economic leadership. As many now see it, Trump’s policies haven’t just failed to safeguard their futures — they’ve actively endangered them.
