Simplification of the retirement planning process is needed, as the average expected age of retirement continues to jump and investors are increasingly stressed they might have to endure a major lifestyle change after retiring, according to a recent study released by John Hancock Financial Services.

The golden years seem a little more gray these days, according to the survey. Respondents expect to retire, on average, at 64.4 years of age, up more than three years from the survey in 2002 and five years longer than in 1995. Almost one in five, or 18%, said they do not expect to have the funds to retire by age 70 or older, nearly doubling the results from the 2002 study and more than tripling that of the 1995 poll.

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