UPDATE 1-Affluent Americans cutting back - Merrill survey

* Affluent are cutting spending, saving more

* Changing retirement plans (Adds byline, study details, quotes)

By Joe Rauch

CHARLOTTE, North Carolina, Jan 14 (Reuters) - Among working affluent Americans, half say their retirement plans have been set back by the recession and they are cutting their spending, according to a Bank of America Merrill Lynch study.

The Merrill Lynch Affluent Insights Quarterly, a survey of 1,000 Americans with at least $250,000 in investable assets, found 43 percent had spent less on personal luxuries, vacations and other recreational activities in the last year.

Fifty percent of non-retired survey respondents expressed concern that the recession will keep them from meeting their financial goals, and 52 percent have made changes to their lifestyles.

Roughly half have cut their energy costs, while 20 percent have given less to charity.

Merrill executives said the survey highlights shifting retirement needs for affluent Americans.

"This is becoming more a business of managing the business of life," said Sallie Krawcheck, head of Bank of America Corp's (BAC.N) global wealth and investment management division.

Among those surveyed, 29 percent expect to retire later than originally planned. That's an improvement from 37 percent in a previous survey in October.

The economy remains a dominant concern, with 84 percent saying they were worried.

More than half -- 59 percent of retirees and 53 percent of those still working -- cited rising health care costs as a key concern, second only to the broader economy.

Aimee DiCamillo, head of the bank's personal retirement solutions business, said some clients are delaying retirement because of worries about unexpected medical expenses.

Merrill said 70 percent of survey respondents who use a financial adviser speak with that adviser at least once a quarter.

The survey was conducted Dec. 1-16 by Braun Research with a 3.1 percent nationwide margin of error. (Reporting by Joe Rauch; editing by John Wallace)