America’s retirement challenges are “eminently solvable”as workers are reporting more confidence in both the economy andtheir sense of job security, according to findings from theLifetime Income Score report released by Empower Retirement, theretirement provider arm of Great-West Financial.

Though more confident, respondents’ median lifetime income scoredipped slightly from last year. The average LIS, or the percentageof income projected to be replaced in retirement, is 58, down froman LIS of 61 last year.

The LIS combines expected Social Security benefits, savings fromworkplace retirement plans, personal savings, home equity andbusiness ownership to project a retirement readiness score.

Underscoring previous findings, this year’s study of 4,000respondents proved the power working with an advisor has onretirement readiness.

“People who work with a paid advisor have a nearly 30 percentpoint advantage in LIS over those not currently receivingprofessional advice,” wrote. W. Van Harlow, director of research atthe Empower Institute, the new retirement research arm of Empowerthat was launched in accord with their year’s study.

Those working with an advisor are on track to replace 82 percentof current income in retirement, compared to 55 percent of incomefor those without an advisor.

Only 19 percent of respondents report working with aprofessional advisor.

“There is no substitute for the role advisors play in drivingLIS,” Harlow wrote.

The most prodigious savers — those who can expect to replace 100percent or more of their income in retirement — are three timesmore likely to work with an advisor than those savers expected toreplace less than half of their income, according to thereport.

“Making professional advice more widely available, regardless ofhistorical perceptions related to socio-economic status, is animportant next step,” Harlow added. “Retirement service providersand advisors should be connected at the hip.”

Predictably, the greatest influence on LIS scores comes fromsavings rates.

Those in the habit of saving 10 percent of income annually canexpect an LIS of 100, and those saving 15 percent have an LISnearing 140.

On the other end of the spectrum, those saving 3 percent, themost common default rate in plans with automatic enrollment, averaged an LIS of60.

The study says income planning tools are a vital component ofthe overall solution to improve workplace savings, but that onlyabout one-quarter of respondents have access to planning tools thatcan demonstrate the outcome of different savings rates, and onlyhalf of those with access actually use the tools.

That suggests the need for new, more “intuitively” designedsoftware solutions, to make income projection tools less dauntingto participants, according to the report.

Of course, improved planning tools are irrelevant for thosewithout access to a workplace retirement plan, who suffer a medianLIS of 42, compared to an LIS of 74 for those enrolled inplans.

Auto-escalation of deferral rates had a significant outcome onrespondents’ LIS, as those with the feature in their plans averagedan LIS of 92.

A large majority — 74 percent — of respondents voiced theirinterest in auto-escalation features, comparable to the 78 percentthat said they would feel more comfortable about retirement with aguaranteed income product in their savings plan.

Almost half indicated their interest in a health care expenseplanning tool, suggesting the projections predicting runaway healthcare costs for baby boomers are being heard.