Are you "over-estimating" how much you will have in retirement?

By Elaine Belsito 
Horsesmouth Assistant Editor

Many preretirees are not accurate in predicting where they will get their income when their working years are over. And not surprisingly, there is a lot of overestimation.

According to a recent Gallup poll, Americans are more optimistic about living a good retirement than they have been since 2004. Yet preretirees also hold some misperceptions about how retirement will be funded. For example, among retirees, 57% describe Social Security as a major income source, while only 33% of preretirees describe it that way. Conversely, 47% of preretirees say their 401(k) savings will be a major source of income, but among retirees less than a third say they rely on retirement accounts as a major source of money.

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