An annual study by the Insured Retirement Institute shows not even half of baby boomers have a retirement savings and even fewer -- only 38 percent -- have calculated how much savings they will need to retire. 

As the younger half of the baby boomers are facing retirement age within the next 10 years, only 42 percent have anything saved for retirement, according to the IRI. The IRI study also revealed a mere 25 percent of baby boomers say they have enough money for retirement and among those who did save, 38 percent have less than $100,000 in retirement savings. 

“Many Americans are simply not financially prepared for retirement,” IRI President and CEO Cathy Weatherford said in a news release. “This is especially worrisome for baby boomers, a generation whose oldest members are past 70 and whose youngest will turn 65 in just over a decade."

Consumers looking to find a trusted partner for life insurance and annuities can turn to brands like Midland National among others.

"Those who have not adequately prepared for a life without regular paychecks from employment must educate themselves, plan adequately, save as much as possible and consult financial professionals to create effective and realistic retirement strategies," Weatherford said in the release. 

Midland National also offers a link to a retirement planner calculator on its Facebook page.