Study: Americans working longer to fund retirement

People are living longer, health care costs are rising - and Americans are considering major lifestyle changes to make sure they have enough money for retirement, according to a new study from Bank of America.

The latest Merrill Lynch Affluent Insights Survey, released today, shows three-quarters of affluent Americans - those with more than $250,000 to invest - would approach their money management differently if they knew they would live to be 100.

The top strategies include continuing to work at least part-time during retirement, re-evaluating savings and investment strategies and contributing more to a 401(k). A quarter of respondents said they would consider retiring closer to 85 than 65, the survey found.

The study also found age alone is less of a factor in determining when to retire. Instead, survey respondents cited feeling confident that they have enough money to live the way they want in retirement, among other factors.

"This notion of people living longer and the impact it has on them when they are thinking about retirement, it's an issue not just for us here at Bank of America, but it's really the driving force for all of America," said David Tyrie, head of personal wealth and retirement for Bank of America Merrill Lynch.

Respondents also said they would rather retire later than make changes to their current lifestyle - but if needed, many said they would trim daily expenses, limit vacation budgets and consider other changes, the survey found.

Customers' evolving attitudes and concerns are influencing the way Bank of America does business, Tyrie said. Financial advisers are offering more than just investment strategies, often providing advice on health care costs and retirement, he said.

The bank is also developing more resources for customers and broadening its array of products.

"It makes us listen real carefully," Tyrie said. "It makes us retool internally."