Eight-four percent of adults polled in a new TIAA-CREF survey want a guaranteed income stream in retirement and 46 percent are concerned they will run out of money. However, only 14 percent have purchased an annuity to secure a steady stream of lifetime income.

“For many Americans, annuities are often unknown or misunderstood, which is unfortunate since they are the only way to generate retirement income that cannot be outlived,” said Ed Van Dolsen, president, retirement and individual financial services at TIAA-CREF.

The survey of 1,000 adults nationwide found that just 38 percent have analyzed how their savings will translate into monthly income in retirement. Eighteen percent said they did the math themselves, 14 percent relied on a family member or a friend for the analysis, and 6 percent turned to a colleague or manager for guidance.

More alarming, according to TIAA-CREF, was that an increasing number of respondents are saving nothing at all for their retirement (29 percent versus 21 percent in 2014).

“More Americans need to not only set savings goals, but consider how their retirement savings will translate into an income stream that they cannot outlive,” said Van Dolsen. “People should consider working one-on-one with a financial advisor to learn more about the investment solutions that can help them achieve their long-term financial goals.”