For most people in our country, the American Dream includes a successful career that allows for saving, followed by a comfortable, dignified retirement. And for many retirees in previous generations, the golden years were just that, with the security of a pension—or defined benefit plan—that guaranteed income for the remainder of their lives.

In the 1970s, employers began phasing out pensions, replacing them with the next generation of retirement savings vehicles. Defined contribution plans—such as 401(k) plans and individual retirement accounts—made it the individual’s responsibility to save, take on investment risk, and figure out how to translate their savings into income for an uncertain amount of time in retirement.

In a year when more Americans will turn 65 than at any point in history, we’re seeing many baby boomers come to grips with the cold reality that, if they are like most Americans living longer than ever, there’s no guarantee their money will last. A recent survey from the Nationwide Retirement Institute^® found that adults aged 60–65 are not as financially comfortable as they expected to be at this stage of life. One-third of current retirees in this group are considering returning to work, with half citing fear of running out of money or currently running out of money as their top reason.

I’m optimistic that we can find meaningful ways to address America’s retirement challenges.

Like millions of Americans reaching the retirement threshold today, these retirees are discovering that they either didn’t save enough or failed to plot a strategy for turning their savings into income.

This is a wake-up call for the financial services industry, lawmakers, regulators, and employers. While we’ve collectively focused on making it easier for American workers to save, enroll, and increase contributions—that’s not good enough. Our new responsibility is to help our country shift its mindset from building a retirement nest egg to a focus on lifetime financial security—and we need to give American savers the tools and guidance to do so.

The Next Generations of Retirement Solutions Exist but Are Underutilized

While the days of the pension are long past for most Americans, pension-like income streams are still a possibility for many savers. Recent SECURE Act legislation enacted by Congress made it possible for employers to begin offering protected retirement solutions, which provide income security similar to a pension within qualified defined contribution retirement plans.

Skilled financial professionals can also help savers develop a holistic plan for lifetime income using vehicles like annuities, life insurance, mutual funds, or a variety of other investment strategies.

Unfortunately, too many retirement savers are trying to figure out this challenge without professional guidance. Our survey found that only 37 percent of 60–65-year-olds get information about retirement planning from a financial advisor. Many workplace retirement plans offer tools, guidance, and education, but we know from decades of experience as one of America’s leading retirement plan providers that too few take advantage of these resources.

This reluctance, or perceived inability to access professional guidance, is setting retirement savers up to make uninformed decisions with lifelong consequences.

Our Responsibility to Drive Change

To help more Americans achieve lifetime financial security, it’s going to take a collective effort on the part of our industry, leaders, employers, and financial professionals.

• Our industry: The best financial services firms pride themselves on innovation. Many are beginning to offer new retirement income solutions, but it’s incumbent on all of us to make these products more accessible and portable.

• Our leaders: Recent SECURE Act legislation is proof that bipartisan cooperation is possible, but we can’t stop there. There are several pieces of meaningful legislation currently under consideration in Congress—and plenty of good ideas on the table for how a potential SECURE Act 3.0 could address the retirement income challenge.

• Employers: Employers should embrace employee education and opportunities created by SECURE Act legislation to make saving more automatic for more people with features like auto enrollment, auto increase—and even automatic retirement income options.

• Financial professionals: Advisors who provide personalized advice must also shift their focus from asset accumulation to helping clients plan for income they won’t outlive.

I’m optimistic that we can find meaningful ways to address America’s retirement challenges, but it’s going to take a concerted, aligned effort to shift the American retirement saving mindset and enter a new era of retirement security.