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

The biggest fear for baby boomers is longevity; in fact, 61 percent of them fear outliving their savings more than they fear death itself. That number climbed to 77 percent for those aged 44-49, and rose even higher (82 percent) for those in their late 40s who had dependents. Boomers are also concerned about the future of Social Security, with 39 percent speculating that it's more likely they'll be hit by lightening than they'll see the full amount their owed from Social Security.

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

Still, those working in the annuity industry have a long way to go. A large majority of repsondants disliked the word "annuity," even after describing an annuity-like product as their ideal retirement solution.