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The Associated Press-NORC Center for Public Affairs Research has released the results of a major new survey exploring the views of older Americans about their plans for work and retirement.

With funding provided by the Alfred P. Sloan Foundation, the Associated Press-NORC Center for Public Affairs Research conducted a national survey of 1,024 adults ages 50 and over. It is a segment of the population that is not only growing rapidly in numbers, but is also becoming substantially healthier. Projections show that the U.S. population age 65 and over will increase to 19 percent of the population by 2030, up from 13 percent in 2010, an estimated 72 million people. By 2020, approximately one fourth of American workers will be 55 or older.

Key findings of the survey include:

• The Great Recession has had a marked impact on retirement planning. The average age of those who report retiring before the recession was 57 while the average for those who retired afterward is 62.

• The line between working and retirement is shifting, with 82 percent of Americans age 50 and older who are working but not yet retired saying it is likely or very likely that they will do some work for pay during their retirement.

• Of those who are currently working, 47 percent now plan to retire at a later age than they expected when they were 40. Financial need, health and the need for benefits were cited as the most important factors in the retirement decision.

• Thirty-nine percent of workers age 50 and older report having $100,000 or less saved for retirement, not including pensions or homes; and 24 percent have less than $10,000.

Source: The Associated Press – NORC Center for Public Affairs Research-
http://www.apnorc.org/projects/Pages/working-longer-older-americans-attitudes-on-work-and-retirement.aspx

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