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Most Americans expect to work during ‘retirement,’ poll finds

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More than 4 in 5 older Americans expect to keep working during their latter years, a sign that traditional retirement is out of reach for vast swaths of society, according to a new survey.

Among Americans ages 50 and older who currently have jobs, 82% expect to work in some form during retirement, according to the poll by the Associated Press-NORC Center for Public Affairs Research.

In other words, “retirement” is increasingly becoming a misnomer.

“The survey illuminates an important shift in Americans’ attitudes toward work, aging and retirement,” said Trevor Tompson, director of the AP-NORC Center. “Retirement is not only coming later in life, it no longer represents a complete exit from the workforce.”

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The survey polled 1,024 people ages 50 and older.

The still-sluggish economy, battered 401(k) retirement plans and inadequate savings are upending traditional notions of retirement.

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Add in an expected increase in lifespans and the result is a generation of workers facing dim financial prospects for what used to be known as the golden years.

Excluding pensions and homes, 39% of survey respondents said they have $100,000 or less saved for retirement. Nearly one-quarter have less than $10,000.

And despite conventional wisdom, people can’t count on simply working until they drop.

One-third of retirees say they didn’t have a choice in the decision to leave the workforce, the survey found.

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In other words, many were pushed out by ill health or layoffs. Among retirees younger than 65, the figure is 54%.

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Follow Walter Hamilton on Twitter @LATwalter

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