A full 49% of retirees are insecure about their financial future, up from only 20% who were afraid a year ago, a survey conducted by LIMRA, the Society of Actuaries and the International Foundation for Retirement Education found.

Sixty-one percent are working with a financial adviser, up from 56% in 2008.

The survey was conducted among retirees between the ages of 56 and 77 with $100,000 or more in investable household assets.

Forty-three percent said their risk tolerance has decreased from a year ago. Among this group, 79% said they were concerned about the economy, 45% feared rising inflation, 39% said they don’t have an adequate time horizon to recoup losses, and 28% reported their home value’s decline is upsetting.

“Retirees are definitely feeling the effects of the 2008 financial crisis, and have begun changing their behavior,” said Sally A. Bryck, associate research director at LIMRA. “While seven in 10 respondents said they can still cover their basis expenses and afford a few extras, the number who said they spend money on whatever they wanted dropped sharply from 38% to 22%.”

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