Twenty-seven percent of employees say they are "not at all confident" about having enough money to live comfortably in retirement, according to the 2011 Retirement Confidence Survey, released by the Employee Benefit Research Institute and co-sponsored by the Principal Financial Group.

This figure is the highest in the survey's 21 years.

Additionally, 13 percent of workers say they are "very confident," which ties 2009 for the lowest rate measured by the survey.

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"The survey finds that many systemic conditions are forcing Americans to redefine retirement, such as high unemployment rates, government fiscal crises, rising health care costs, lower investment returns, a surging older population putting pressure on Social Security and Medicare and longer life expectancies," says Jack VanDerhei, EBRI research director and co-author of the report.

"Americans are beginning to recognize the level of savings needed for a comfortable retirement. Now it's critically important to take steps to improve the chances they'll have enough," says Greg Burrows, senior vice president, retirement and investor services at The Principal. "Research shows even simple actions, like calculating how much is needed for retirement, increases savings. Creating a plan and working with a financial advisor can also help get savers on realistic paths to a secure retirement."

Approximately one-third of workers and retirees report dipping into their savings in 2010 to pay for basic expenses; however, those with retirement savings accounts are much less likely to withdraw from their savings.

Forty-two percent of respondents say they guessed to determine their needed retirement savings while 70 percent say they are a little or greatly behind schedule in planning and saving for retirement.

More than half of workers report having less than $25,000 in total savings and investments, excluding their homes.

Twenty percent of respondents say they now intend to retire at an older age than originally planned, but 45 percent say they retired earlier than expected, primarily because of a health problem or disability.

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