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Most workers older than 40 have inadequate retirement savings and are not saving enough to catch up, yet most expect retirement income far greater than even the highest Social Security benefits, according to recent research by the Insured Retirement Institute (IRI), a trade group for the annuity industry. 

Although workers also believe that protected lifetime income is a critical characteristic of a retirement investment, they need to save more to produce that income, the findings showed.

IRI conducted the consumer survey in March to gauge the retirement savings behaviors, retirement preparation steps, retirement expectations, and retirement investment preferences of 990 workers ages 40 to 73 who are employed part- or full-time.

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