Simply knowing what's needed isn't working. A recent study by the Federal Reserve Board shows that 31 percent of workers have no retirement savings or pension. Despite 69 percent of respondents having some sort of savings, they're not exactly prepared. According to the National Retirement Risk Index, published by Boston College's Center for Retirement Research, 52 percent of households in the U.S. face the likelihood of not being able to maintain their current standards of living into retirement.

Plenty of studies indicate that neither workers nor retirees are well prepared for retirement. An Employee Benefit Research Institute (EBRI) and Greenwald & Associates study in February 2015 reveals nearly 57 percent of "early boomers" are on track with their retirement savings, but in reality, many are facing an average of $71,299 in savings shortfall per family. Single boomers are going to see a larger deficit—boomer males will need an additional $93,576 and boomer females, $104,821 extra.

That's hitting boomers squarely in their confidence. According to a report by the Insured Retirement Institute (IRI), boomers' economic satisfaction plummeted to 48 percent in 2015, down from 65 percent in 2014 and 76 percent in 2011. That could be in part due to their lack of planning – the IRI research revealed that only six in 10 boomers have saved for retirement; 19 percent of working boomers have stopped contributing to their retirement accounts.

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"Even with financial outlooks improving, there appears to be some second guessing when it comes to their retirement security and making ends meet," said IRI President and CEO Cathy Weatherford in a company release. "Unfortunately, the reality is few Boomers can be absolutely certain their savings can last 20 to 30 years in retirement."

According the the IRI findings, the reality isn't aligning with the dream. "As a group, the Baby Boomer generation is feeling less confident in their prospects and preparations for a secure retirement, and are more concerned about specific aspects of retirement such as medical expenses, children's educations, and long term care," the study states. "Paradoxically, however, many believe they will enjoy a more secure retirement than their parents did, and even those with relatively little saved for retirement and no pensions expect to enjoy travel and leisure activities in retirement in addition to paying for their basic needs and medical costs."

A costly oversight, according to the experts. "Workers still expect to work longer to make up for any savings short falls. However, many retirees continue to report that they retired before they expected to due to an illness or disability, needing to care for others, or because of a change at their job," said Craig Copeland, senior research associate at EBRI and coauthor of the EBRI/Greenwald study. "Consequently, relying on working longer is not a solid strategy for retirement preparedness."

Still, there's good news for retirement advisors looking to increase their retirement sales. The IRI study shows that boomers who work with financial advisors are more likely to have goals in place, and are more likely to have saved money toward retirement. That, says the study findings, brings more economic satisfaction to boomers who have planned.

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