A TIAA-CREF retirement survey found that 34% of investors between the ages of 18 and 34 place a high priority on safety for their savings and that 42% want guaranteed retirement income. But 75% said they don't know about annuities.

Defined-contribution-plan participants can borrow from themselves if they need cash. But that doesn't make it a good idea, though people often borrow for understandable reasons. "The best spin you could put on it is it's the lesser of several evils," said Greg McBride, chief financial analyst for Bankrate.

Advisor Michael Martin says that for some affluent clients a reverse rollover makes sense. Reverse rollovers roll an individual retirement account into a workplace 401(k) account. One advantage: People still working past the age of 70 1/2 do not need to take a required minimum distribution.

Lower-income employees are generally less knowledgeable about employee benefits than higher-income workers and enroll at a lower rate, the 2015 Aflac WorkForces Report says. Lower-income employees need the help of a benefits adviser to "bridge this gap," said Matthew Owenby of Aflac.

Among consumers who have purchased annuities, nine out of 10 are satisfied with the product they purchased, research from the Insured Retirement Institute found.