Americans are facing retirement with diminished expectations and an emphasis on protecting their assets, two recent studies find.

According to a survey conducted for Strong Retirement Plan Services, nearly half of adults currently employed full- or part-time expect to work in some capacity after retirement – most of them out of financial necessity. The survey found that only one-third of respondents planned to retire early, by age 60, yet the average expected retirement age was 61.3 years.

Respondents who expected to work during retirement were evenly split between working at their same career or choosing another. Of the 44% who would make a career change, 19% wanted a less stressful job and 10% wanted a field more closely related to hobbies or interests.

Changing attitudes towards retirement also were reflected in a survey of investing trends by financial decision-makers conducted by John Hancock Financial Services.

Of the survey's 600 respondents, 76% described themselves as more conservative and risk averse than they were a couple of years ago. An even greater percentage of Baby Boomers nearing retirement age said they were more conservative today (78% vs. 65% of younger consumers) and less likely to invest in products that run the risk of losing money.

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