Forty-five percent of retirees still have their assets in their retirement savings plans with their employers, most frequently in their 401(k) plans, and almost a fifth of retirees own three or more IRAs in their households, according to a new report.

LIMRA, Windsor, Conn., published these results in a summary of an online survey of retirees conducted in October 2010. Qualified respondents were aged 55 to 79, had been retired for at least one year and had not worked for pay within the past year; and had household incomes of at least $35,000.

“While many retirees may think retaining multiple retirement plans or IRAs is a good diversification plan, doing so can make it difficult to measure whether their investments are effectively aligned with their retirement goals,” says Jafor Iqbal, associate managing director of LIMRA Retirement Research. “Consolidating assets under one professional manager or institution gives retirees access to information and guidance, typically at a lower cost, to help make the most out of a retirement plan.”

Among the survey respondents, 23% say they have relationships with insurance companies.  The mass affluent retirees with assets of $100,000 to $500,000 are more likely to have relationships with insurance companies than any other market segments. 

However, retirees have only 9-10% of their assets invested in products and services offered by insurance companies.