Close to half (45%) of baby boomer workers are expecting a decrease in their standard of living when they retire, according to new research.

The Transamerica Center for Retirement Studies unveiled this finding in a new report evaluating the retirement outlook of American workers by generation. The 17th annual Transamerica online survey, "Perspectives on Retirement: Baby Boomers, Generation X, and Millennials," conducted by Harris Poll, polled 4,161 full-time and part-time workers, including 1,353 millennials, 1,232 generation Xers, 1,462 baby boomers and 114 workers who were born prior to 1946.

"Today's workers are grappling with retirement security and challenged by the wobbly three-legged stool comprising Social Security, employer-sponsored retirement benefits and personal savings," says TCRS President Catherine Collinson.