Excerpt: 'Many Americans envision a retirement where their lifestyle continues much as before,' said Tom Neubig of Ernst & Young. 'Our work shows that this is often not a realistic expectation and that, with the current state of savings and potentially very long life expectancies, many retirees will have to cut back far more on expenditures than they expected.' For people who don't want to risk living on 70 percent of their current income, 'the agonizing issue,' said Susan Stewart, president of Charter Financial Group in Bethesda, Md., 'is that many have to save more, spend less and work longer before they retire.'

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