"Although the survey indicates 36 percent of Americans are more concerned now than at the start of the pandemic on their ability to maintain a nest egg in retirement, at Fidelity, we saw retirement savings accounts reach record levels in the fourth quarter of 2020 and also experienced record levels of planning engagements with clients throughout the year.

"This is a remarkable validation of the faith so many retirement savers have in their own financial future and their ability to move forward confidently."

Across the board, those with the most detailed plan in place to achieve their goals reported experiencing the greatest confidence.

However, even the simple act of getting started on a plan can have a positive impact. When asked at what point in the retirement planning process people started feeling more relaxed about their situation, it appears that the experience is highly personal and that there are a number of points that people find emotionally gratifying.

Millennials are slightly more likely than their older counterparts to report having a plan to afford their desired lifestyle in retirement (35 percent), compared to Gen X-ers (34 percent) or boomers (32 percent), even though boomers are closest to retirement.

Part of this may be attributed to the fact that millennials are nearly twice as likely to have reported using online tools and calculators than boomers. These tools can provide the instant gratification of seeing a plan taking shape with just a few clicks, something many have become accustomed to in a digital age.

The study uncovered several areas of opportunity when it comes to understanding important retirement rules of thumb:

How much to save for retirement. Only 25 percent of respondents accurately indicated that financial professionals recommend having 10 to 12 times their last full year of working income by the time they reach retirement.

How much to withdraw in retirement. Twenty-eight percent said financial professionals would recommend a withdrawal rate of 10 percent to 15 percent of retirement savings every year, a withdrawal rate that would use up one's retirement savings quickly.

Market returns. Almost three-quarters of respondents believe the stock market has seen negative returns more frequently than positive ones over the past 35 years. It may come as a pleasant surprise for people to learn that the stock market has had a positive annual return for 26 out of the past 35 years.

The cost of out-of-pocket health care expenses. Most respondents underestimate the cost of out-of-pocket health care for a couple in retirement, with 37 percent guessing between $50,000 and $100,000. In reality, for a couple retiring at 65, the actual average cost throughout their retirement is three times higher, at $295,0003.

Full retirement age for Social Security. Claiming Social Security benefits any time before reaching full retirement age can lock in a permanent reduction in monthly income.

The impact of divorce on Social Security. Although 63 percent of respondents believe a former spouse has the ability to reduce their monthly benefits, the truth is, one's Social Security benefit is not reduced if an ex-spouse claims some of their Social Security benefits.

"The study findings clearly show that creating a plan for retirement can lead to a greater sense of confidence and control and ultimately give people a better feeling about where they stand at any age," Ridolfi concluded.

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