1-in-3 workers can’t answer this question about their retirement savings

Here's a question: You've built up a massive nest egg at your job, and you're about to retire. What are your plans for your hard-earned savings?

For nearly a third of workers, the answer is "I don't know."

Those were the findings from a recent survey by the Employee Benefit Research Institute, a research group that focuses on health, savings and retirement. EBRI conducted an online poll of 2,042 adults in January.

"In most cases, you would expect people to do a couple of things: You wouldn't use all of it to buy lifetime income and you'd want to keep some of it for emergencies," said Craig Copeland, a senior research associated at EBRI.

"It's troubling that they can't recognize what they think they'd be doing," he said.

Here's why it makes sense to develop an end-game for your 401(k) savings.

Darla Mercado | CNBC

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