A financial services company has formed a new advisory service to help retirees avoid running out of money.

Nationwide Financial Services Inc., Columbus, Ohio, has established the Nationwide Income Planning Desk.

Financial professionals at the desk will help investment professionals design cases and customize illustrations.

In some cases, the desk staffers can serve as a consultant for investment professionals during client meetings, Nationwide says.

Nationwide has been testing the service through a pilot program since 2006.

The test version of the desk received about 25,000 inquiries and helped callers serve 1,200 clients, Nationwide says.

In related news Nationwide researchers report that 57% of retirees are living entirely on Social Security and pensions.

Many of those retirees have retirement nest eggs, but they are reluctant to spend their savings because they are afraid of running out of money, Nationwide says.

Researchers have based that figure on results from a survey of U.S. adults ages 55 to 77 who have at least $100,000 in investable assets.