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A majority of Americans expect their retirement to be the "most liberating phase of their life," according to a new survey. Yet for many, their financial plans have not caught up to their retirement dreams. That is according to a new survey from TD Ameritrade, which asked 2,002 adults in July about their perceptions on aging and retirement. Most — 81 percent — said they see their elder years as a time to pursue new goals. And 76 percent said they see themselves using that time to pursue passions they previously neglected. Those priorities include spending time with friends and family, traveling abroad or taking up a hobby, in that order, according to the survey.

But many have yet to figure out how to match their retirement funds to those priorities. About half of those surveyed — 51 percent — said they do not think they will have more than enough money in retirement to pay for their needs. And 60 percent do not know how much they will need to save to fund their lifestyles beyond age 65. Two of the biggest concerns in retirement: Social Security and health care. Most survey respondents — 72 percent — do not believe Social Security will be enough to cover their retirement spending. And most individuals said they were more worried about health-care costs and finances than death. Declining health — particularly the loss of mental and physical abilities — also ranked high among people's worries.