Americans are woefully ill-prepared for retirement and have unrealistic expectations about how much money they should save for their golden years. As a result, many people could face the prospect of working far longer than they expect, but, in reality, may be unable to do so due to declining health or corporate downsizings.

These are among the key findings of the Employee Benefit Research Institute's 16th annual Retirement Confidence Survey, for which the Washington-based trade association interviewed 1,000 working and 252 retired people.

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