The Wall Street Journal is reporting that many americans are setting themselves up for a retirement disaster.

According to the article, pension funds nor private investors seem to have fully absorbed the grim lessons of the past decade and therefore, returns are going to be much lower.

John West and Rob Arnott at Research Affiliates, an investment management firm, in Newport Beach, Calif say they have the numbers to back it up.

“I worry a lot about people reaching their golden years and discovering, ‘Oh, I should’ve saved more,’ and ‘Oh, I don’t qualify for Social Security anymore because it’s means tested,'” says Mr. Arnott, a widely respected market strategist. “We’re headed for a retirement train wreck,” he adds, “and it’s going to get really ugly over the next 15 years.”

In their latest report, “Hope Is Not A Strategy,” they have some numbers to back it up.