A white paper argues that employers and advisors have become too hesitant to offer guaranteed lifetime income options because of perceived risks and complexities and says that "there is a clear need to reverse the trend away from retirement income security."

The paper, "A Call to Action on Retirement Income, It's Time to Solve the Problem," which was released by Matthew Eickman, national retirement practice leader at Qualified Plan Advisors, and Bonnie Treichel, founder and chief solutions officer at Endeavor Retirement, emphasizes that "until and unless American workers begin to regain access to retirement income from their employer-sponsored retirement plans, the price will become steeper with each passing year."

"Workers not only are concerned about running out of money, but also legitimately run the risk of outliving their retirement savings," the paper says. "Even as employers have made strides to solve for employees' accumulation needs, they are failing when it comes to the 'decumulation' stage of employees' meager savings."