Top retirement income concerns for investors are inflation and recession anxiety, a new report reveals.

The Alliance for Lifetime Income and CANNEX research from the “Protected Retirement Income and Planning Study” found that four out of five U.S. workers age 45 to 75 cited concerns that high inflation will reduce their spending power in retirement (81%) and that a recession will drive the economy downward and may reduce the amount of retirement income they can expect (79%).

Retirement income anxiety is fueling workers to examine alternatives to traditional asset allocation strategies, according to the study. The study also found that 60% of consumers have reduced their spending because of inflation.

“Against the backdrop of record inflation, a bear market and global economic uncertainty, the misalignment in what financial professionals are relying on to create retirement income, and what clients are looking for, is a problem,” Jean Statler, CEO of the Alliance for Lifetime Income, said in a release.

The research comprises two studies: one among investors age 45 to 75 with $100,000 or more in investable assets, and another among financial professionals. Both studies examine how several protected retirement income tactics could fit with approaches to retirement planning and the frequency with which investors and financial professionals consider or use annuities to address various retirement income needs.

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