Only one in 10 Americans are knowledgeable about investments or financial products, and almost as few know how much they should save toward retirement, according to new data from Limra's Secure Retirement Institute.

Of baby boomers and Gen Xers, only four in 10 claim to know how much they should be saving; with millennials, the rate drops to three in 10.

The upshot of those realities is simple, says Cecilia Shiner, associate research director at the Secure Retirement Institute.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.