A new study from Allianz Life found nearly 70% of Americans fear running out of money more than death as concerns over retirement and financial stability continue to grow.

Many Long Islanders News 12 spoke with said the rising cost of living is making it harder to prepare for the future.

“For older people, like my age, if you don’t have any type of retirement, you have to just rely on Social Security. And it’s not easy,” said Don Schwartzburt, of Oyster Bay.

The study found inflation and a lack of financial literacy are among the biggest barriers preventing people from planning for long-term financial well-being.

Financial experts say starting small can still make a difference. Caleb Silver, chief business editor at People Inc., recommends options like high-yield savings accounts, certificates of deposit and Roth IRAs to help build emergency and retirement savings.

“But if you want to invest for the future, start with something like a Roth IRA,” Silver said. “When you want to get that money out at 59 1/2 years old, that comes back to you tax free.”

Still, not everyone is focused on saving for retirement. Some younger adults told News 12 they would rather spend money enjoying life now than worry about the future.

“Younger people are more about experience,” Silver said. “But the reality is you have to save for the future and pay your future self.”