Gen X Faces Tax, Volatility, and Inflation Concerns Pre-Retirement

A new survey from the Allianz Center for the Future of Retirement finds 70% of Americans worry about taxes on income in retirement. That share rose from 66% in the prior quarter.

The Q1 2026 Quarterly Market Perceptions Study was conducted online in February 2026. It sampled 1,005 adults aged 18 and older in the contiguous United States.

Generational tax concerns

Generation X showed the largest jump in worry about retirement taxes. Seventy-eight percent of Gen X respondents reported concern, up from 66% last quarter.

Millennials followed at 74% worried. Gen Z registered 64% and baby boomers 63%.

Tax-deferred account fears

Seven in ten Americans said higher future taxes could erode income from tax-deferred accounts such as 401(k)s and IRAs. That concern was widespread across age groups.

Concerns by generation were 80% for Gen X, 75% for millennials, 74% for Gen Z and 57% for boomers.

Expectations for financial advisors

Respondents increasingly expect tax guidance from their advisors. Sixty-two percent said they would stop working with a financial professional who did not address the current tax environment strategically.

Advisors are under pressure to offer retirement tax planning and withdrawal strategies. Clients want actionable tax guidance.

Market sentiment, volatility and retirement readiness

Gen X was the least optimistic about investing now. Only 25% of Gen X said it is a good time to invest.

By comparison, 40% of millennials, 39% of Gen Z and 32% of boomers said now was a good time to invest. Gen X respondents were also more likely to expect worsening inflation over the next 12 months.

Many near-retirees reported feeling stuck. Seventy-two percent of Gen X and 71% of millennials said they need to accumulate more money but are too nervous to invest more.

Worries about market swings were highest for Gen X. Seventy-nine percent of Gen X said continued volatility could harm their long-term financial plan. Millennials, Gen Z and boomers reported 74%, 71% and 59% respectively.

Overall, the data show Gen X faces tax, volatility and inflation concerns as they approach retirement. These pressures are reshaping retirement planning priorities.

Strategies and professional guidance

Allianz officials recommended diversifying savings across tax buckets. They also noted partial Roth conversions could reduce future tax exposure on withdrawn funds.

Experts urged consulting financial or tax professionals to design tax-efficient withdrawal plans. Suggested risk-management tools included defined outcome ETFs and buffered annuities.

The findings highlight increasing anxiety among near-retirees. Filmogaz.com will continue to track developments in retirement sentiment and planning.