Americans are facing a retirement 'financial vortex,' says Goldman Sachs. Not having a plan makes it worse.

• Two new surveys show most Americans feel like they are behind on their retirement savings.
• More than half of those surveyed are worried they will have to delay retirement.

Pressure from several different fronts has most Americans feeling behind on their retirement and like they will have to delay its start.

Goldman Sachs calls it a "financial vortex," and says simply having a plan can help Americans find their way through.

Two new surveys from Goldman Sachs and Bankrate examined how confident people feel about their retirement. While most have a dim outlook, the results varied by age and whether or not they had a financial plan.

In Bankrate's August survey of 2,527 US adults working full-time, part-time, or temporarily unemployed, 56% of respondents said they feel behind on their retirement savings, and 37% believe they are "significantly behind."

However, when this was broken down by generations, the results showed that older people were much more worried about their retirement.

Gen Xers, aged 43-58, are the most worried, with 69% feeling behind on their retirement savings. Baby boomers, aged 59-77, were next at 60%. For younger adults, fewer than half were worried, with 49% of millennials, aged 27-42, and 42% of Gen Zers, aged 18-26, fearing they are not on track.

The pressures of the "financial vortex"

The lack of confidence in meeting retirement goals is due in large part to what Goldman Sachs calls the "financial vortex" of competing priorities, as well as taking the time to have a plan.

Goldman Sachs notes that people struggle to balance multiple financial goals with limited financial resources. Money that would go to retirement savings is also being tugged into the financial vortex by things like credit card debt, student loans, college, care for children and older adults, and financial hardships.

According to their survey of 5,261 US participants in June and July, using a financial plan has a significant impact on how confident people are that they will meet their retirement needs on time.

Of those with a plan, 79% of respondents are on track or ahead of schedule for retirement. Meanwhile, only 34% of people without a plan had the same confidence.

Only 60% of those surveyed had at least a basic plan for how much retirement savings they need and how to get there.

Goldman Sachs also expressed concern for the level of financial literacy among the respondents. Nearly half, 47%, are self-managing their retirement savings, and yet, when the respondents were given a five-question financial literacy quiz, only 13% got all five answers correct.

Overall, 20% of respondents believe they will have to delay their retirement by at least four years, and 60% said it will be pushed back at least one year.

To avoid falling behind, Goldman Sachs said the two biggest factors that can help people reach their retirement goals are increasing financial literacy and having a personalized financial plan.

Trying to manage the complexity and financial uncertainty of retirement without those things will be a challenge for most.