Doom-and-gloom headlines notwithstanding, 51 percent ofAmericans believe they’re on track to achieve theirretirement goals.

But one could call that magical thinking, considering how muchworkers have managed to save for retirement.

Read: 10 scary retirementstatistics

According to the BlackRockGlobal Investor Pulse survey, people approaching retirementhave managed to put away an average total of $136,200.

That may sound like a lot, particularly when compared with allthose headlines screaming about people who have saved zero towardtheir retirement, but when you break it down into annual cash needsin retirement, it’s nowhere near enough.

Survey respondents estimated that they’ll need an average of$45,500 to meet their retirement expectations.

But when you calculate how much annual income they can get outof that savings balance, it only amounts to $9,150 per year—wayshort of what they estimate they’llneed to get by every year once they leave theworkforce.

Even affluent pre-retirees, the study said, have managed to sockaway $567,000, but estimate that they’ll need $59,600 to pay theirannual expenses.

Their savings won’t give them that—it will only provide $37,800per year.

Perhaps the saddest thing is the expectations people have forretirement.

The vast majority—84 percent—plan to spend their time pursuingtheir interests and hobbies, while 77 percent are anticipatingtraveling and 74 percent expect to feel financially secure. Inreality, on those numbers, they’ll be anything but.

To top it off, 57 percent of Americans think they’ve got asufficiently diversified portfolio to get them to their goals—but65 percent of their wealth is in cash, not in investments.

And cash, of course, doesn’t return enough to boost thosebalances.

So what’s their fallback strategy? In a word, work—workinglonger and retiring later, or working during retirement.

While 52 percent of respondents said they want to continue doingpaid work during their retirement, that could be a pipe dream.

Only 19 percent of people aged 65–74 are doing any kind of paidwork.