Hypocrite and Hypocrisy

I was under the assumption that having or saying certain values and then not living up to those values made you a hypocrite. According to some sources i looked up online, it only makes you a hypocrite if you claimed to meet those values. I am now confused if there is a word that simply describes one who does not live up to their own morals or virtues.

merriam-webster.com/dictionary/hypocrite has 'both' definitions while dictionary.reference.com/browse/hypocrite and google.com/dictionary?aq=f&langpair=en|en&q=hypocrisy&hl=en have the definitions that involve being decitful about the standard one lives to.

After looking at wikipedia.org/wiki/Hypocrite it seems like the intent and history behind the word has to do with being decietful about the values one lives up to. This makes me think that the 'common' definition of hypocrite(the second listed in merriam webster online) is simply there because people use the word that way even its incorrect.

Is there a word that accurately describes failing to live up to ones values but admitting it? I cant help but feel whenever i get the urge to use hypocrite in my 'old way' its actually improper usage of the word and just bugs me.

-Thanks for any input
Harrison