A new study from Allianz Life Insuranceof North America finds that the majority of baby boomersbelieve there is a retirement crisis in the United States, and theyare unprepared to deal with it.

The 2011 Reclaimingthe Future study was originally conducted in 2010 with morethan 3,000 participants. Aliianz surveyed 439 of the sameparticipants to see how attitudes had changed in the last year.

When asked, "Do you believe there is a retirement crisis in thiscountry?" 92 percent of the respondents answered either "somewhat"or "absolutely." Among those in their late 40s (the younger of thesurvey's participants), that number rose to 97 percent, and 100percent of the respondents with lower incomes ($30,000-$45,000 andinvestable assets of under $50,000) agreed that the U.S. is facinga retirement crisis.

This financial crisis has left many unprepared for what lies ahead.Thirty-five percent ofrespondants feel unprepared for retirement, and among those aged44-54, that number jumps to 51 percent. For those in lower incomebrackets, the percentage becomes a staggering 77 percent. In fact,56 percent of those aged 44-54 said that recent market events havecaused them to question when — if ever — they can retire.

Boomers are also concerned about the size of their savings.Slightly more than half (57 percent) said they're concerned theirnest egg might not be big enough, while 47 are afraid they won't beable to cover their basic expenses. Among those with lower incomelevels, this number jumps to 77 percent.

The biggest fear for baby boomers is longevity; in fact, 61percent of them fear outliving their savings more than they feardeath itself. That number climbed to 77 percent for those aged44-49, and rose even higher (82 percent) for those in their late40s who had dependents. Boomers are also concerned about the futureof Social Security, with 39 percent speculating that it's morelikely they'll be hit by lightening than they'll see the fullamount their owed from Social Security.

However, there is a light at the end of the tunnel for manyboomers: the annuity. When describing their dream product, 69percent said they'd like something that was guaranteed not to losevalue over a product that provided a high return. Additionally, 56percent preferred an annuity-like product (moderate growthopportunity, guaranteed monthly income for life, but limitedaccess) to a product that provides total access but risks runningout of money. Among the mass affluent, this number rose to 77percent.

Still, those working in the annuity industry have a long way to go. Alarge majority of repsondants disliked the word "annuity," evenafter describing an annuity-like product as their ideal retirementsolution.