It’s okay with me if you want to have delusions about life, but at least peek at reality when you have to estimate how much money you need.

Baby Boomers are not doing that.

MetLife’s recent survey of pre-retirees shows seven in 10 overestimate how much they’ll be able to take from their retirement accounts and still not run out of money. The most deluded: The 43 percent who think they’ll be able to draw down 10 percent a year.

In your dreams. In 1999, maybe. When the Dow rose 25 percent. But not now. When the Dow’s down nearly 20 percent since last fall. Not in this market.

Think 4 percent as a realistic withdrawal rate.

People are still underestimating their life expectancies, too. And I’m sure they’re not looking too closely at the scary subject of health care costs in retirement.

They should. Facing a price tag is the first step to preparing for it.

I’ll be writing soon on the subject of how much you can withdraw in retirement.