Almost 40 percent of working Americans plan to retire after age 70 or not at all, according to a new survey from Transamerica Center for Retirement Studies.

The results of the 12th Annual Transamerica Retirement Survey—conducted among 4,080 American workers—found that for many Americans, the foundation of their retirement strategy is simply to not retire or to work considerably longer than the traditional retirement age of 65.

Of those who plan on working after retirement or age 65, the most commonly cited reasons are out of necessity (44 percent).

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