American retirees are feeling more financially secure than they did in 2009, but fewer have estimated how long their assets will last into retirement, a new study indicates.

The study, titled "The Financial Recovery for Retirees Continues," was conducted by the Society of Actuaries, the LIMRA research organization, and the International Foundation for Retirement Education (InFRE). It is the third in a series of studies looking at the impact of the 2008 economic downturn on retirees' finances. The June 2011 survey explored the opinions of 461 retirees who were in the original 2008 and 2009 studies.

The most recent survey found that fewer retirees reported feeling less financially secure now than when they first retired—28 percent in 2011, compared with 49 percent in 2009. The study reveals that retirees' confidence levels are approaching levels recorded before the 2008 downturn, when only one-fifth of retirees reported feeling less financially secure than when they first retired.

The new study also found that retirees have been paying down their debt, with 46 percent of respondents in the 2011 study having no debt compared with 38 percent in 2009. While this might boost feelings of financial security, the fact that an increasing proportion of retirees aren't estimating how long their assets might last in retirement—46 percent in 2011 from 38 percent in 2008—is a concern for financial professionals. In fact, the number of retirees acknowledging that their assets and investments need to last at least 20 yearshas declined 20 percentage points since 2008.

"We're surprised by the number of retirees who have not considered how long their assets and investments might last given the market volatility of recent years," says actuary and retirement expert Anna Rappaport, who serves as chairwoman of the Society of Actuaries' Committee on Post-Retirement Needs and Risks.

When it comes to risk tolerance, 74 percent of retirees who manage their own investments describe themselves as conservative, and the vast majority of all retirees—93 percent—are confident in their investment strategies.

"Our research shows that the financial downturn has not had a lingering effect on how many retirees feel about their current financial security compared to when they first retired," says Sally Bryck, associate research director of LIMRA.

The study found that individuals who have calculated how long their money might last in retirement are more confident they have saved enough money to live comfortably than those individuals who have not.

The research also indicated that 61 percent of retirees have someone they consider to be their personal financial adviser, and that retirees with financial advisers are more likely to engage in financial planning.

"This research emphasizes the importance of retirees educating themselves on how to successfully plan for their retirement years, while understanding the value of partnering with a trusted financial adviser for guidance," says Betty Meredith, director of education and research at InFRE.

Other key findings from the 2011 study include the following:

The proportion of retirees having to use savings to pay for basic living expenses in excess of income from Social Security and defined benefit plans has been stable over time—44 percent in 2011 compared with 45 percent in 2008.

There continues to be little interest in purchasing annuities among retirees who don't receive enough income to cover basic living expenses—32 percent in 2011 compared with 30 percent in 2008.

Retirees with financial advisers tend to have larger amounts of investable assets than those without advisers, and follow their advisers' advice all or most of the time—74 percent.

"It will be interesting to see if there is a long-term impact from the economic turmoil of the last few years, especially for those depending on the value of their home to fund retirement," Bryck says. "The retirees surveyed are not appearing to make changes to their stock market investments, but they have become more risk adverse and conservative in spending."

The retirees who participated in the study ranged in age from 55 to 75 and had $100,000 or more in investable household assets in 2008.

The organizations that conducted the study followed up with respondents of a 2008 study in 2009 and again in 2011, to investigate how these same respondents have been reacting to the long-term effects of the 2008 market downturn and the continuing financial upheaval.

The complete 2008 report was titled "Will Retirement Assets Last a Lifetime?" and the 2009 report was titled "What a Difference a Year Makes."

"Our research shows that the financial downturn has not had a lingering effect on how many retirees feel about their current financial security compared to when they first retired," says Sally Bryck, associate research director of LIMRA.