When it comes to retirement, if you fail to plan you can almost certainly plan to fail. Unfortunately, a recent survey found that many young and middle-aged Americans are doing just that. Two-thirds of respondents under the age of 48 have not yet even calculated a retirement savings goal.

Market research firm Greenwald & Associates conducted the study to provide insight into the financial circumstances of members of Generation X (born 1965-1980) and Generation Y (born 1980 to 1999).

Nine in 10 respondents said that saving for retirement is important. However, many indicated that the current economic climate makes it hard to do so. Al Dal Porto, Vice President of Market Research with Security Benefit, which sponsored the research, says that the results are worrisome.

“It’s difficult to plan for and ultimately achieve a successful retirement without having an end-goal in mind,” Dal Porto says in a press release. “While accumulating retirement savings is critical at this point in the lives of Generations X and Y, it’s encouraging to see that a significant portion of these individuals looking toward their inevitable retirement income needs.”

To really achieve financial security, you need a goal and specific short- and long-term strategies. Interestingly, two in five of the survey volunteers said that it’s a wise idea to consult with a financial planner. Such professionals can offer expert advice, helping to evaluate your personal financial situation and determine what is appropriate for you. It’s a good idea to hire a planner whether you are 25 or 45.

In addition to saving for retirement, young adults should invest in life insurance  to ensure that they are prepared for any unexpected tragedy. This way, in case you are not able to keep earning until retirement, your loved ones will still be cared for. Get a quote from Local Life Agents today.