Many Americans are in the dark about when they will retire and how much money they will need, according to BMO Harris Premier Services, a financial services firm in Chicago.

In a survey of 3,163 American adults released Tuesday, BMO Harris says 44 percent of Americans do not know when they will retire and 57 percent do not know how much money they will need.

The average age people start saving for retirement is 28 and 75 percent of respondents under the age of 60 are taking steps to save for retirement with a 401(k) or IRA, the company says.

“It’s encouraging to see that Americans are proactively saving for retirement,” says Mike Miroballi, president of BMO Harris Financial Advisors. “However, it’s also important to give some thought to how you want to spend your retirement to determine exactly how much you’ll need to fund your desired lifestyle.”