Investors are expecting too much of their investments, says a study from Legg Mason released Monday.

The Global Investor Survey shows that some are expecting nearly 10 percent returns, when they are actually earning much less.

According to the survey of 900 investors, income investors seek an overall average rate of return of 8.64 percent. Those who are working expect 9.27 percent returns, while those who are retired are counting on a 6.22 percent.

In reality, U.S. respondents say they achieve a 7.44 percent average rate of return on their income-producing investments.

“The gap between the comfortably high retirement income investors want—and many have come to expect—and what markets may deliver has widened, and may grow,” says Thomas Hoops, executive vice president and head of product and business development for Legg Mason, a global asset management firm with $726 billion in assets under management.

“To get closer to investors’ stated income objectives, and needs, investors must be willing to look beyond traditional bond portfolios created solely within their home market. That requires greater diversification and may mean targeting emerging markets, Europe and Asia, as well as accepting some decreased liquidity and more volatility,” he adds.

In order to achieve higher returns, investors need to look to high-yield bonds, emerging market bonds, non-U.S. high-dividend stocks and real estate, the study says.

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