Most pre-retirees think they will have enough money to maintain their lifestyle when they retire, but most retirees have found that they don't, according to an ING U.S. survey, Retirement Income Redefined.

More than half (51 percent) of the pre-retirees expect to have enough money to maintain their lifestyle, while only 36 percent of retirees say they have enough to maintain the same lifestyle as they did during their working years.

Only 8 percent of pre-retirees think they will not have enough to maintain their lifestyle, while 33 percent of retirees say they do not have enough to continue the lifestyle they had while working. The survey was based on responses from 850 people age 30 and older.

Of the retirees, 18 percent say they have enough money to lead a more comfortable lifestyle than while they were working and 12 percent say they do not have enough money to retire, despite the fact that they classified themselves as retired, the survey says.

An overwhelming majority (80 percent) of the entire sample say they would be willing to give up spending today in order guarantee a future income. At the same time, 37 percent say they are likely, somewhat likely or very likely to run out of money in retirement. For those working without a financial advisor, this number jumps to 41 percent.

Working with a financial advisor increases the chances that a person has calculated how much of an income stream their current savings will generate. Eighty-seven percent of those working with an advisor have made the calculation, while 59 percent of those without an advisor have calculated their retirement income, the survey says.

Without the assistance of an advisor, people are easily diverted from their retirement goals, said Rich Linton, president of individual markets for ING U.S. Linton was part of a panel from ING U.S. that discussed the results of the survey during a recent Web conference.

The best financial advisors are shifting their focus from the accumulation phase of their clients’ lives to focus on income streams that can sustain retirement, he added.

One of the products that can help create income in retirement is fixed indexed annuities, according to ING U.S. Fixed indexed annuities hold a middle ground between traditional fixed and variable annuities, guaranteeing a stream of income in retirement that allows the holder to take some advantage of a rising equities market while offering downside protection.

Hybrid products that combine annuities with such things as long-term care and critical illness care have begun to appear on the market, said panel member Dave Bedard, president of annuities for ING U.S. The economic environment is driving changes in annuities and the focus is now on innovation, he added.

Another retirement income generator, the employer-sponsored 401(k) plan, needs to be made as simple to use as possible with such things as automatic enrollment and the use of target date funds that automatically shift investments as employees near retirement, said Rick Mason, president of corporate markets for ING U.S.

Employers have a stake in encouraging participation so that older, higher-paid employees are able to retire when they want, making way for young talent, he added.