Annuity InvestmentThe majority of New York State residents (53%) are not confident that they’re currently saving enough money to last their entire retirement, according to TIAA-CREF’s annual Advice Matters survey.

The financial services institution conducted identical surveys in both New York and nationally and found that residents of The Empire State are less likely to seek out professional financial advice as well, the organization’s press release on BusinessWire.com reported.

The survey found that New York State women are even less confident on average than their male counterparts that their savings will last through retirement (37% vs. 58%). Despite these less than encouraging numbers, 52% of New York state residents reported never having sought the advice of professional financial services, compared to 47% in the national survey.

“Everyone has something to gain from financial advice, because we all have something we’re working toward,” said Charlie O’Connor, Managing Director and head of TIAA-CREF’s Empire State Sector. “No matter where you are in your savings journey, whether it’s paying off student loans, purchasing a new home, or ensuring your loved ones are provided for, you don’t have to go it alone. And the sooner you engage an advisor and put a financial plan in place, the more likely you are to get on track to help achieve your goals.”

To bolster this point, the survey found that people who solicited personal financial advice were much more likely to change their habits to help them save more. Whether that be through changing their investment strategy, regularly setting more money aside for savings, reducing overall spending, or even simply monitoring their savings funds more consistently.

Financial advisers can help individuals select the investment options that best suit their specific situations. For example, the long-term benefits of an annuity might be great for some who don’t need the money now, but this might not be feasible for every saver. Annual annuity fees can be as much as 3%, and most don’t start paying out until years later.

Planning for the future can be a difficult and emotionally draining process, so it’s best to have someone in your corner with the knowledge to help you.

“Working with a financial advisor gives you a full and realistic picture of your finances, including what your life in retirement will look like, and what income you will need each month to live comfortably,” said O’Connor. “Once you have a clear vision, you can take positive steps to strengthen your financial foundation, such as increasing your savings or developing a plan for paying off debt.”