Boomers aren't exactly optimistic about their retirementprospects. In fact, most of them are downright scared.

A study by Allianz Life Insurance Co. found the economicdownturn was a big wake-up call. Baby boomers now fear running outof money during their retirement more than they fear death.

Katie Libbe, vice president of consumer marketing and solutionsat Allianz, noted the survey obtained responses from 3,300 peopleage 44 to 75, so it actually covered a group larger than boomers,defined as those born between 1946 and 1964. The white paperidentified younger boomers as those 44 to 49 years old.

“The older respondents typically have access to traditionalpension plans, but as you get into the younger group-certainly theyoungest of the boomers-they don't have traditional pension fundsany more. All they have are 401(k)s. There is a big differencebetween those markets,” Libbe said.

Among the questions asked:

Is there a retirement crisis in the U.S.? Ninety-two percent ofall respondents said yes. Ninety-seven percent of younger boomersagreed.

Do you have a pension plan? Most of those 44 to 49 years oldsaid no. Many of those 60 to 75 said yes.

What will your expenses be in retirement? Thirty-one percentdon't know.

Will your income last through retirement? Thirty-six percentdon't know.

What do you fear more-running out of money in retirement ordeath? Sixty-nine percent feared running out of money more thandeath. That rose to 77% among younger boomers.

All this sounds like a cry for help, but only 19% of youngerboomers are working with a financial adviser. Forty-one percent arereceptive to the idea.

“There are a couple reasons for that,” Libbe suggested. “Numberone, nobody thought the market would do what it did in 2008 and2009. A lot of baby boomers have seen short-term bear markets. Themarket goes up, the market goes down. Now that they're gettingclose to retirement, a lot of them are thinking, 'Hey, maybe thisisn't something I should try to do myself.'”

“Boomers are much more interested now in protecting a portion oftheir retirement portfolios. They want a nice balance ofconservative investments as well as some type of exposure to upsidegrowth. Depending on the sort of products and what kind ofeducation they get from the credit union, it could serve a niceniche between people trying to do it themselves, and people whodon't feel they have a big enough portfolio to work with afinancial adviser.”

“Could be your boomer members will be paying closer attention tothe financial information they receive, including statements fromtheir credit union.”