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75% of Americans Plan on Working as Long as They Can

(NEW YORK) A new study released by Bankrate, Inc. shows that the vast majority of working Americans plan to work as long as they can during retirement age, showing a redefinition of how Americans view traditional retirement plans.

The study found that 75 percent of Americans plan to work as long as they can during retirement age. 39 percent plan to work because they enjoy work while almost one-third plan to work because they'll need the money.

The study further found that the financial crisis has affected many people's plans to retire with only 31 percent expecting to retire on time as planned while 40 percent plan on postponing their retirement plans.

"This poll offers an interesting insight into Americans' views of employment and retirement," said Julie Bandy, editor in chief at Bankrate.com. "Seventy-five percent of today's generation plan to work as long as possible, a far cry from that of previous generations. Falling home values and losses in retirement accounts are forcing many Americans to re-evaluate their retirement needs. "

This national random-digit-dialed phone study of 1,003 adults 18 or older, including 509 who are currently employed, was conducted for Bankrate by Princeton Survey Research Associates International. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households.