Inflation, rising health care costs and fears of outliving savings are fueling new financial anxieties among retirees, with one in five saying they are struggling financially, according to new research.

The rising cost of living is retirees' top concern, with about 90% saying they worry inflation will erode the value of their assets, according to a survey of about 400 retirees by investment firm Schroders.

The concern reflects a broader fear among many retirees: running out of money. Earlier this year, Allianz found that 67% of the investors it surveyed said they were more worried about outliving their savings than about dying, Kelly LaVigne, vice president of consumer insights at Allianz Life, told CBS News.

The findings reflect the financial turbulence many retirees have faced since the pandemic, with inflation remaining above the Federal Reserve's 2% target and market swings causing retirement balances to fluctuate. One in five retirees surveyed by Schroders said they are struggling financially.

"Think about taking your retirement money for 30 years — even at a 3% inflation rate, which is relatively conservative, the cost of living is going to double in 24 years," LaVigne said. "What might have been a pretty good income when you first started out, 30 years later, you're not doing so great."

Here are retirees' top 5 financial concerns and the share of retirees who expressed them, according to Schroders:

• Inflation eroding the value of retirement savings and other assets (90%) 
• Higher than expected health care costs (87%) 
• A major market downturn significantly reducing assets (81%) 
• Not knowing how to best take retirement income and/or draw down assets (69%) 
• Outliving retirement savings (68%)

No second chances

Inflation tops retirees' concerns as soaring energy costs add to persistent affordability pressures. The Consumer Price Index rose 3.8% in April from a year earlier, the fastest pace in nearly three years.

Seniors who rely heavily on Social Security are already feeling the squeeze. Their 2026 cost-of-living adjustment, or COLA, was 2.8%, below April's inflation rate, meaning their Social Security benefits have lost purchasing power. Some experts project a COLA of almost 4% for 2027, although any increase would not arrive until January.

"Retirees are fighting the affordability crisis with a fixed pool of assets and no second chances," said Deb Boyden, head of U.S. defined contribution at Schroders.

Retiring before you're ready

A separate Allianz retirement study found that 6 in 10 Americans worry they won't be able to retire on their own terms. The survey polled 1,000 people over the age of 25 with household income of at least $50,000 or investable assets of at least $150,000. 

Workers typically have an age in mind when they'd prefer to retire, but Allianz's research found that 42% of Americans retire earlier than they planned, often due to issues beyond their control. Those circumstances range from health issues that prevented them from working to an unexpected job loss, the study found. 

"You're like, 'Oh, I'm going to retire when I'm 65 or 67,' and then lo and behold, 62 comes around and something happens," LaVigne told CBS News. "Even if you're planning ahead, if you don't have some kind of contingency to 'what if I don't make it to that age' is really kind of a big deal, and it changes everything dramatically."

For instance, someone who wanted to retire at 65 but is forced to step back from work at age 62 must not only fund three additional years of retirement, but also secure health insurance for the three years before they qualify for Medicare. 

"Now you're paying for health care that you hadn't planned for, plus you're not getting income in — you are kind of put in a tight spot, because that wasn't a part of the plan," LaVigne said. 

These risks — from retiring earlier than expected to persistent inflation — underscore the importance of contingency planning, LaVigne said. About half of Americans lack a written financial plan, including nearly 6 in 10 Gen Xers.

"You've got to look at this as kind of a part-time job, because it's really the only chance you have," LaVigne said. "You're not going to go back to work when you're 82 years old."