Uncertainty surrounding President Trump’s tariffs is adding to American worries about retirement and the broader economy, according to new research.

The Q2 2025 Quarterly Market Perceptions Study from Allianz Life reveals that nearly half of Americans — 48% — feel too nervous to invest in today’s market, while many are increasingly uneasy about their retirement security compared to before the pandemic.

The study shows that 47% of respondents are concerned about how market volatility could impact their retirement savings, and 73% worry about its effect on their long-term financial plans. Additionally, 72% question whether they will be able to afford their desired retirement lifestyle if market swings continue or worsen.

April’s announcement of the so-called “Liberation Day” tariffs sent markets tumbling nearly 6%, compounding anxiety among investors — particularly those nearing or already in retirement — about the potential damage to their portfolios.

Recession fears are also widespread, with 67% of Gen Z, 63% of Millennials, 64% of Gen X, and 61% of Baby Boomers expressing concern about a downturn. These fears have pushed many Americans to adjust their financial plans. More than half — 55% — have reassessed their investment risk, up from 49% earlier this year. Another 66% of those working with a financial advisor have either recently spoken with them or plan to do so soon, a jump from 59% last quarter.

Experts emphasize that managing risk is critical, especially in what’s known as the “fragile decade” — the years just before and immediately after retirement — when market volatility can do the most damage. Staying invested and focusing on long-term goals remains important, but financial professionals stress that retirement strategies must account for periods of uncertainty to help preserve assets and maintain confidence.

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