There is a sizable number of pre-retirees and retirees who do not enlist the assistance of a professional when devising a financial plan for their retirement, according to a recent study. It also takes a look at how they do in the effort.

The study, by the LIMRA Secure Retirement Institute, found that 44% of those retirees and pre-retirees go it alone. And half of them believe they can do at least as well as a financial professional in planning their long-term financial future.

So how do those independent people perform their calculations? LIMRA says that:

• 42% use an online calculator;

• 40% use a calculator, spreadsheet or pen and paper; and

• 23% use computer software or a non-online tool.

And to determine what their retirement income will be and how long it will last 25%... just guess or estimate.

LIMRA also found that while 22% of the pre-retirees and retirees in the study are very confident of their skills in preparing to pay for retirement, many others are less confident than those who enlisted the aid of a professional that their savings will be sufficient, they will be ready and they will be able to have the lifestyle they would like during retirement.