If your clients tell you they’re not confident about retiring, perhaps you’re asking the wrong question. According to a survey from MainStay Investments, 61 percent of financial advisors said their clients were more concerned about having to give up luxuries in retirement, rather than covering basic needs.

“While the market upheaval shook both investor portfolios and confidence levels, advisors in our survey reveal that their clients have not pared down their expectations for their golden years, choosing to delay retirement rather than scale back their lifestyle plans,” Matthew Leung, director and head of practice management programs at MainStay Investments, said in a press release.

Despite a desire to maintain their current lifestyles, few advisors could say they thought their clients understood how much they would need. Less than half say their clients know how much they will need to supplement Social Security, and 60 percent say one of their top priorities is helping clients understand withdrawal rates.

“We believe this signals a need for close advisor-client communications, so that together they agree on the asset allocation strategy and investment product mix that is best suited for both their risk tolerance levels and lifestyle expectations,” Leung added.

More than half of the advisors surveyed said the majority of their clients are delaying retirement, citing lost assets in the market crash as the top reason (46 percent). Forty percent say concerns about health care costs are the main reason for delaying retirement.

Equity exposure has plagued clients’ portfolios, according to 60 percent of advisors surveyed. Mutual funds are the most popular investment product – 85 percent of advisors say this is their “product of choice.” However, guaranteed income products, specifically guaranteed lifetime annuities, were cited by 60 percent of advisors as part of their new retirement strategy for clients. Three-quarters of advisors say they have recommended guaranteed lifetime annuities to at least some of their clients, and 20 percent say they plan to do so in the future.