For decades, the financial industry has obsessed over that magical seven-figure balance in your 401(k) that supposedly signals you are ready to quit the rat race. But new data suggests that retirees are no longer fixated on how much they have saved. They are worried about how long it will last.

According to a recent BlackRock survey, 86% of savers now say they want guaranteed income in retirement.

The old goal was wealth accumulation; the new goal is income decumulation without the terror of going broke at 85. It turns out that watching a $1 million portfolio swing wildly in a volatile market does not feel like freedom. It feels like risk.

Here is why the mindset is shifting and how you can structure your own personal pension to match this demand.

The fear of running empty

The primary driver of this anxiety is longevity risk. Americans are living longer, yet their planning often fails to account for a retirement that could last 30 years or more.

We are notoriously bad at estimating our own lifespans. Data suggests that while average life expectancy hovers around the late 70s or early 80s, if you are a married couple aged 65 today, there is a 50% chance one of you will live into your 90s.

If your financial plan assumes you will pass away at 82, but you live to 94, you have a 12-year funding gap. That is the nightmare that keeps retirees awake at night. It is also why the demand for guaranteed income has spiked.

Why the 4% rule might fail you

For years, planners touted the 4% rule. The theory was simple: withdraw 4% of your portfolio each year, adjusted for inflation annually, and you would likely not run out of money for 30 years.

But this rule assumes a specific sequence of returns. If you retire in a bear market — where stocks tumble 20% in your first two years — your portfolio may never recover. You end up selling assets at a loss to pay for groceries, digging a hole you cannot climb out of.

This sequence-of-returns risk is exactly why relying solely on a stock-heavy portfolio is dangerous. You cannot control the market, nor can you control how long you live.

Calculate your survival number

Before you buy any financial product, you need to know your survival number. This is different from your total budget.

Your survival number is the sum of your non-negotiable fixed expenses, such as:

• Property taxes
• Utilities (electricity, water, heat)
• Insurance premiums (Medicare, home, auto)
• Basic food costs

Discretionary spending — like travel, dining out, and gifts — does not count here.

Once you have this annual figure, subtract your Social Security benefit from it. If your survival number is $50,000 and Social Security covers $30,000, you have a $20,000 “survival gap.”

This is the gap that you’d want covered by guaranteed income.

How to buy a paycheck

To close that $20,000 gap, you don’t need a hot stock tip. You need what experts call longevity insurance. The most straightforward version of this is a Single Premium Immediate Annuity (SPIA).

Ignore the complex, high-fee annuity products that insurance salespeople push. A SPIA is vanilla. It is a simple contract: You give an insurance company a lump sum, and they send you a monthly check for the rest of your life. It functions much like a pension.

If you are scared of outliving your money, a SPIA transfers that risk from you to the insurance company. If you live to 105, they keep paying. The downside is that you generally lose access to that lump sum, which is why you should only put a portion of your savings toward a SPIA — just enough to cover that survival gap.

Maximizing your government check

The other way to secure a guaranteed income is already in your hands: Social Security.

Many people claim benefits at 62, permanently slashing their monthly check. If you can bridge the gap and wait until age 70, your benefit increases by approximately 8% for every year you delay past your full retirement age.

There is no investment product on the safer side of the market that guarantees an 8% annual increase. By delaying, you are essentially buying a larger inflation-adjusted annuity from the government.

Peace of mind is priceless

The 86% of retirees clamoring for guaranteed income are not wrong. They have realized that a pile of cash is not the same as a steady paycheck.

The goal of retirement is not to die with the most money; it is to live with the least anxiety. By covering your basic survival costs with guaranteed income sources, you liberate the rest of your portfolio. You can invest that remaining money more aggressively, donate it, or spend it on a dream vacation, knowing that no matter what the market does, the lights will stay on.

Whether you have $100,000 or $1,000,000 in savings, you may want to consider getting advice from a pro. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in less than 5 minutes.