A majority of Americans have not saved enough to retire, according to a survey by Franklin Templeton, a global investment management corporation headquartered in San Mateo, Calif.

Two-thirds of pre-retiree respondents (66 percent) in a survey of over 2,000 American adults said that while retirement savings was a top goal for them, they were behind on saving for it. Respondents were divided over their ability to even afford retirement: While (46 percent) said they had a strategy in place to generate retirement income that could last 30 years or more, another 46 percent of respondents said they were worried their retirement income might not be enough to meet their expenses.

Americans of all ages said they were more concerned about the cost of paying their health expenses in retirement (41 percent) than paying off debt (16 percent) and affording their preferred lifestyle (15 percent). Nearly half of respondents (48 percent) said they don’t know how they would afford their healthcare costs in retirement.

Three-quarters of respondents (75 percent) with a Health Savings Account (HSA) said they knew how they would pay for retirement medical expenses, compared with 36 percent of the respondents without an HSA. However, only 31 percent of those surveyed said their employer offered them the opportunity to invest in a high deductible health plan, which is a requirement to contributing to an HSA.

Although two-thirds (60 percent) said they considered a financial advisor important in planning their retirement, only one-third said they worked with a financial advisor. Half of all respondents (54 percent) said they did not have a plan in place in the event they were no longer able to manage their own finances.

Kevin Murphy, senior vice president, head of strategic accounts for Franklin Templeton’s Defined Contribution Division – U.S., stressed the importance of working with a financial advisor to incorporate healthcare expense planning into a holistic retirement savings strategy model.

“Health Savings Accounts are a great example of one of the most efficient vehicles to save for medical expenses in retirement that can complement long-term saving strategies,” he said in released comments. “Educating individuals on the benefits of utilizing HSAs for retirement savings should be a key component of conversations between financial advisors and their clients.”

Franklin Templeton commissioned the Engine Group of New York to conduct the online survey from January 17-28, 2019. A representative sample of 2,002 adults nationwide – 1,000 men and 1,002 women – responded to it.