“Our clients have saved enough to maintain their lifestyle, but some are still worried. They are millionaires, but they do not feel like millionaires because of the longevity risk,” Lash says.

In order to provide for a longer life span, Lash advises clients to draw down assets depending on the market. The sale of bonds and equities should be timed appropriately depending on what the interest rates and return rates are, rather than by a predetermined schedule.

“The strategies to create an income stream for life are different now than they were for earlier generations. Baby boomers are the first to not have guaranteed pensions and they are telling their children to save. The next generations just know that is the way it is—there is not going to be anyone to take care of them,” he says.

Succeeding generations will need products to provide income for the rest of their lives. “If you have pointed conversations with clients, they will be confident. If you do not have those conversations, the clients will not be optimistic,” Lash adds.

Most people do not have to worry about having enough money to last through retirement, according to a recent study conducted by the BlackRock Retirement Institute and the Employee Benefit Research Institute. The two organizations found that most retirees have 80% of their pre-retirement savings nearly two decades after they quit work.

In part this could be because most advisors (63%) say their pre-retiree clients are saving at least 10% of their income and more than 20% of advisors say clients are saving at least 15% or even more. Furthermore, a strong bull market has boosted balances.

Forty-eight percent of survey participants say their clients are saving more than clients of the same age did in the past. The survey revealed other facts about the advisors.

• Many advisors also report their clients are working until 65 and beyond, either because they need to or they enjoy working.

• More than half of advisors (56.7%) manage one to 20 401(k) plans or other retirement savings plans.

• Alternative investments, which seem risky to some, are not an anathema to advisors. Most (55%) at least sometimes include alternative investments in the portfolios of retired clients. Equal numbers (about 22%) always or never recommend alternatives.