Baby boomers value guaranteed income in retirement over higher returns, according to a recent survey by Allianz Life Insurance Company of North America.

According to the "Transition Boomers and Retirement Income" survey, 87 percent of 1,425 people between the ages of 55 and 65 questioned preferred a financial product that guarantees a 4-percent return over one that has an 8-percent return with the possibility of losing value in market downturns.

This preference for guaranteed income was higher among women (91 percent versus 82 percent of men), higher among those with less than $50,000 in annual household income (92 percent versus 83 percent of those with more than $50,000 in income), and higher among those without children at home (87 percent versus 79 percent with children).

Despite the boomers' preference for safety, only 25 percent said they own an annuity, with most saying they don't know much about the product, according to the survey.