The world is changing and you've got to keep up if you want your nest egg to provide a comfortable retirement.

However, many seniors have unrealistic expectations about their ability to enjoy a well-financed retirement because they overestimate both their financial resources and their capability to continue to generate income into their golden years.

For example, with the real estate market currently in a slump, seniors can't bank on their homes to fund retirement. Nevertheless, many are overly optimistic about the role of real estate in funding their retirements, according to a recent national survey from Bell Investment Advisors. The findings showed that 68 percent of the surveyed 60 year old investors were relying on their personal residence as a primary retirement asset.

"Their homes may be their castles, but seniors cannot bank on their residences as their retirement nest egg," said Jim Bell, president of Bell Investment Advisors. "Given the cyclical nature of real estate and the fluctuations in home values, real estate is not a panacea for inadequate retirement savings."

Real estate isn't the only area where many older Americans have impractical expectations about retirement.

According to the recent Bell survey, far too many seniors are counting on being able to work throughout retirement to augment savings.

Similarly, many believe they can afford to retire simply by reducing their lifestyle expenditures, disregarding the changing economy and the unpredictability of their own situations - particularly when it comes to health issues that may arise as they get older.

"Faulty assumptions have the potential to sabotage retirement dreams, unless you take a very proactive approach to managing investments well into your golden years," Bell said.

With this in mind, here are some useful retirement tips from the experts at Bell Investment Advisors:

• The key to a satisfying retirement is not wealth, it's planning. Define what you'd like to do during retirement and make sure your investments are working to get you there.

• Think about what you'd like to do in retirement: hobbies, travel, education, second careers, etc. Find out what it will take to finance your vision. Then get professional help to manage your finances, investments and your career to get you there.

• Ask the question: "how much is enough?" The answer is different for everyone. Bell typically encourages seniors to estimate their annual expenses in retirement, and multiply that by 20.

• Don't get too conservative with your investments too early. Now that many of us will live for decades after 60, we need to continue to reach for higher returns, making investments work harder throughout our lives.

• Younger seniors from the Baby Boomer generation, for instance, should consider retaining a healthy portion of their assets in growth-oriented investments, so that their nest egg continues to grow.

• Another red flag is to rely heavily on your home. To capitalize on its equity, you will need to move to a lower cost home or a lower cost region. You have to factor in not just the amount for which you can sell your home, but what your next home will cost and all moving expenses.

"The world is different for today's retirees. Many seniors have 20 to 30 years ahead of them when they enter retirement, so they have to plan differently than did their parents' generation," said Bell. "Above all, seniors should remember that there is no single formula to achieving a rich and rewarding retirement, and that proper planning is crucial."

For more tips on funding retirement and information about financial planning and managing your investments, visit www.bellinvest.com.