Financial planning is a challenge for most as few have a written financial plan, a personalized retirement plan or work with a financial professional. Retirement is in the future and the present has its own demands and needs like rent, medical expenses, groceries and car payments. According to research ADP Retirement Services commissioned Retirement Insights, LLC to conduct, survey respondents believe they're on track or ahead of their retirement goal; however, most report workplace retirement plan savings of less than $100,000.

To compound the situation, many employees – especially those in small businesses – don't have access to a retirement plan at work. A recent AARP study found that nearly half (48%) of private sector workers between the ages of 18 – 64 aren't offered retirement savings options from their employer. Access to an employer-sponsored retirement plan differs substantially by education, income, race, and ethnicity as well:

• 3 out of 4 workers with less than a high school diploma lack access to a plan compared to those with some college (50%) or a bachelor's degree or higher (32%)
• 4 out of 5 (81%) with annual earnings of $50,000 or less do not have access to a plan
• Two-thirds (64%) of Hispanic workers, over half (53%) of Black workers, and 45% of Asian American workers also don't have access to an employer-sponsored retirement plan

"Having access to a retirement plan at work is critical for building financial security later in life," said Debra Whitman, AARP's Executive Vice President and Chief Public Policy Officer in a recent press release. "People are much more likely to save for retirement if they can do so automatically through their paycheck."

What's getting in the way?

According to the Retirement Insights survey, four out of five respondents acknowledge that a written financial plan with goals is important but only 14.6% have one. Instead, almost a third (30.7%) report having general financial goals or a mental financial plan with goals and timelines (30.5%). The main obstacles to saving more money are housing expenses, student loan debt and medical expenses.