More than half of Aussie baby boomers expect to run out of money during their retirement, with most failing to fully estimate what funds they need for life after work.
Baby boomers at present have average superannuation funds of $200,000 - about half the $400,000 figure that 57 per cent of them said they expect to retire on, according to a Rabobank poll.
And while it's possible that financial markets might come good and help superannuants double their money between now and retirement, it's still a long way short of the $800,000 that baby boomers said they would like to have in kitty at retirement.
And less than a third of baby boomers say they're saving for retirement.
Instead, about 29 per cent said they'd rather save for a holiday.
The online survey was based on 2,355 Australians aged between 18 and 65.
RaboDirect spokeswoman Renee Amor said the poll results showed that the ageing population was underprepared for retirement.
"There also seems to be a huge disparity between the returns being made in these markets and what boomers with super believe will happen in terms of retirement funding return," she said.
Ms Amor said the government should step in to encourage people to save both inside and outside of super.
"Australians heading into retirement saddled with debt sends a very clear signal that more can be done," she said.
Earlier this month, the government said it found more than $17 billion in unclaimed superannuation late last year.
Superannuation Minister Bill Shorten at the time said the SuperSeeker website was one reform which helped in lowering the amount of lost super, from $20.2 billion in October 2011 to $17.4 billion in December.