Many retirees, as well as those preparing for retirement, are overestimating their retirement assets, MainStay Investments 2005 Across Generations Retirement Income Survey found. The survey polled 1,209 middle-income and high-net-worth Americans who are of retirement age or just about to retire.

"We've known for a long time that many investors, even those with a sizeable net worth,  are seriously under-funding their retirement savings. Now we're beginning to get a better understanding as to why," said Christopher Blunt, MainStay president.

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