After watching the relentless volatility of the markets recently, many individuals are thinking more about retirement—and whether or not they're prepared. That rise in awareness is actually a good thing, because many people aren't as financially prepared as they should be for a retirement that could conceivably last more than 20 to 30 years.

Of course, investors can't control the markets. But they can control one of the more critical  factors in determining their retirement security—their savings rate.

Unfortunately, a majority of Americans don't know if they're saving enough for retirement. In fact, just 42 percent of individuals surveyed by the Employee Benefit Research Institute (EBRI) said they and/or their spouse have tried to calculate how much money they'll need to accumulate so they can live comfortably in retirement.[1] And those who have attempted a calculation tend to underestimate the amount of savings they'll need, according to EBRI.[2]