Thirty-nine percent of millennials with annual household income of $150,000 or more said they planned to purchase an annuity, according to an Insured Retirement Institute survey. Across all millennials surveyed, 29% said they would buy an annuity.

A National Institute on Retirement Security report found that only 6.8% of Americans have a "three-legged stool" of retirement income that includes Social Security, a 401(k) or similar account and a defined-benefit pension. The report also found that 4 in 10 retirees rely solely on Social Security for retirement income.

With more annuity options likely to be included in 401(k) plans following the passage of the Setting Every Community Up for Retirement Enhancement Act, it is important for plan participants to do their due diligence, write retirement income experts William Byrnes and Robert Bloink. Among the things to consider before selecting an annuity option are fees and surrender charges.

Social Security phone scams are becoming more numerous and more sophisticated, with the administration's inspector general warning that telephone scammers are now also sending people official-looking documents via email. If there is a legitimate problem with your Social Security account, officials will almost always contact you via mail, Mary Beth Franklin writes.

The White House says President Donald Trump will nominate Judy Shelton and Christopher Waller to become governors at the Federal Reserve. Shelton is an informal Trump advisor who once advocated a return to the gold standard, while Waller serves as director of research at the Federal Reserve Bank of St. Louis.

Regulators are having trouble keeping up with the spread of technology and digital assets, Securities and Exchange Commission member Robert Jackson Jr. says. "In 20 years, we may need to be an agency of 2,000 lawyers and 2,000 programmers," Jackson says.

Jessica Hopper, who has served as acting head of enforcement at the Financial Industry Regulatory Authority since September, has been officially named to the position. "She is highly regarded as an enforcement lawyer and a thoughtful, collaborative leader, and during the course of her career has demonstrated a deep commitment to protecting investors and the integrity of our markets," said FINRA CEO Robert Cook.

Too many financial advisors don't put the same amount of effort into their websites as they do with the rest of their practice, writes marketing expert Dan Solin. He highlights five costly website mistakes, including having too much or too little content and failing to make an emotional connection with users.

Establishing strong relationships with existing clients can help keep them from leaving and also can help you recruit customers, writes Brian Greenberg of True Blue Life Insurance. He offers four ways for advisors to strengthen relationships with existing clients, including seeking and responding to feedback, offering great customer service and making sure clients feel valued.

Millennials' retirement expectations are similar to previous generations -- they hope to retire with adequate income that will last. However, a survey by the Insured Retirement Institute finds that these expectations are not well aligned with the retirement planning steps millennials have taken thus far. Read the report.

Retirement anxiety is growing among baby boomers, many of whom have little to no retirement savings, forcing more boomers to postpone retirement. IRI's annual survey of boomers found that 45% have zero savings for their golden years, and even those with savings are lacking in a number of retirement preparedness factors. Read the report.