Americans have lowered their expectations for retirement and are not actively managing their retirement funds, according to a John Hancock Financial Services survey of 800 defined contribution investors nationwide. The average age at which investors expect to retire is 64.4, up from 61 in Hancock’s last survey in 2002 and 59 in the 1995 poll.

Almost 18% don’t expect they will be able to retire until age 70, nearly twice the amount in the 2002 survey and 11 percentage points higher than in 1995. And 70% don’t think they will have enough funds to live comfortably in their old age.

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