Your steering wheel seems unusually loose, is it falling off? Not likely. What is most likely causing the looseness is the deterioration of a small plastic bushing between the steering column and the column bearing.
The bushing has deteriorated and crumbled below the steering column shaft.
The authorized factory repair is to replace the entire bearing assembly. An easier repair method is to replace the failed plastic piece with a new plastic sleeve. Unfortunately these aftermarket sleeves are not easily installed as advertised. They are made of plastic, similar to the failed piece that started the whole process.
Instead of a temporary fix, here is a permanent solution. Install a steel sleeve instead. A sleeve borrowed from a 928 of course. The sleeve (part #928.347.739.02) is a perfect fit into the 911 column. The cost is only in the $30-35 range.
1- Remove the horn pad by firmly pulling back on the horn pad and then removing the single horn signal wire.
2- Remove the steering wheel by first removing the steering wheel retaining nut with a thin wall 27mm socket.
3- Now mark the steering wheel and steering column shaft at 12 o’clock position so the steering wheel is straight when you reassemble.
4- Now pull back on the steering wheel firmly and set it aside after removing the washer from inside the wheel.
5- Clean out any old plastic debris from the steering wheel bearing area.
6- Remove the steering wheel column “C-clip” with the tip of a small screwdriver.
7- Slide on the new metal steering column shaft sleeve until it slides between the shaft and bearing. The sleeve must be pushed past the C-clip ring and as close to the bearing as possible.
8- Reinstall the C-clip and then the steering wheel.
9- Test drive car and make sure your steering wheel is straight.
10- After being sure the wheel is straight you can reinstall the horn pad. attach signal wire then firmly tap on contact buttons.
Steering column with new metal sleeve installed.