In what could quickly lead to a bankrupt retirement for many folks, 43% of people surveyed by MetLife believe they can withdraw 10% or more annually from their retirement savings while still preserving their principal. That seriously overshoots the conventional wisdom that places the comfortable withdrawal rate at about 4%. All told, 69% of people surveyed overestimate how much they can draw down from their savings.

In addition, MetLife found that 49% of respondents underestimate the amount of pre-retirement income needed before they retire, and 60% underestimate life expectancy. MetLife's 2008 Retirement Income IQ Test surveyed 1,256 people aged 56 through 65 and within five years of retirement.

Among other findings, 65% of men and 50% of women said they were somewhat or very confident they will have enough money for a comfortable retirement. But given how the majority of respondents overestimate their potential retirement draw down rates, perhaps that confidence is misplaced.