American workers are increasingly recognizing the importance of retirement income, yet many are not yet in a position to take action to ensure their financial security, according to the 2014 Retirement Confidence Study released recently by the Employee Benefit Research Institute and Greenwald & Associates.

The survey found that 85 percent of respondents contributing to an employer-sponsored retirement plan found a product like the Department of Labor's Lifetime Income Estimate Calculator— which estimates monthly lifetime income based on a participant's current account balance, contributions to their account and the projected value of the account balance at retirement— to be useful.

In addition, more than half, 54 percent, of workers contributing to plans were able and willing to provide balance and contribution estimates in order to respond to questions about what the tools illustrated compared to the income levels they were anticipating.