Many middle-income Americans not using professional retirement advice wrongly think they can plan without help, don't have enough assets to require an advisor or can't afford advisor's fees, according to a new Bankers Life and Casualty Company Center for a Secure Retirement study.

Of the 54 percent of respondents who don't receive professional guidance, 47 percent say they could plan for retirement without an advisor, despite feeling retirement planning is complex and overwhelming.

"Many people set aside too little time for planning," says Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer. "The study found that while those who worked without the help of an advisor enjoy planning on their own, 63 percent devote less than one hour a month to retirement planning and over 36 percent spend no time at all."

For the middle-income Americans without an advisor, two-fifths say they don't have enough assets to need professional help while 20 percent say they didn't know what the minimum amount would be. The remaining respondents believe at least $200,000 in assets is necessary to employ an advisor.

However, all 10 of the national financial and insurance firms contacted by the CSR say they would address retirement planning with anyone having $2,500 or less.

Twenty-three percent of respondents also say they can't afford an advisor's services, even though 32 percent are unaware of how much the services cost.

"It's these misconceptions that are preventing people from getting the retirement guidance they may need," Perry says. "We encourage everyone approaching retirement to put careful thought into their preparations, whether it's spending the time necessary to thoroughly research on their own or working with a trusted advisor to determine a plan that fits their specific needs and gives them a high level of comfort when thinking about their future."