What does the term "retirement" mean to you? For generations, retirees have looked forward to filling their days with grandchildren, golfing, gardening and travel. However, the definition of retirement is evolving for Baby Boomers - the term used to describe the generation of Americans born between the years 1946 to 1964.

According to The New Retirement Survey, conducted by Merrill Lynch in collaboration with Age Wave, Baby Boomers are reinventing the traditional concept of retirement. Advances in medicine and technology and practicing more healthy lifestyles have contributed to a longer life expectancy. Baby Boomers make up almost one-third of the U.S. population. Over the next 18 years, one boomer will turn 60 every 7.5 seconds, and by 2031, all baby boomers will be 65 or older.

While the typical age at retirement is still 65, increased life expectancy is approximately 20 years beyond retirement. With shrinking wages and the rising cost of living, two of the biggest retirement concerns are financial security and the cost of healthcare coverage followed by the fear of social isolation/boredom.

Seventy-six percent of boomers say that they plan to continue working after retirement. However, their reason to continue working is somewhat surprising. Although some boomers will work after retirement for financial necessity, the majority state that their primary reason for continuing to work is that they feel young and energetic and want to work to remain stimulated and avoid boredom.

In fact, after retiring, boomers are beginning new jobs or even launching new careers or businesses. Their work patterns will change with boomers opting for employment that will be flexible enough to allow them to cycle periods of work and leisure. Their new positions will provide structure, motivation and mental stimulation, and at the same time, be less labor intensive and less stressful than their previous full time jobs.

There is no magic formula for planning a satisfying, enjoyable life after retirement, but planning is the key. Financial security is a very important part of retirement planning; however, income is not the sole predictor of a happiness and satisfaction during retirement years. If you plan to work after retirement, spend some time thinking about the type of work you want to do.

Ask yourself the following questions:

Would you prefer to stay in your original occupation and work only part-time, perhaps begin a completely new career or start your own business?

Are you returning to work solely because you need extra income? If so, how much money will you need to earn?

Other tips for retirement include:

Look for ways to enjoy what you do. Turn favorite hobbies such as sewing, cooking, crafting or art into a business.

Plan where you will live. Before you make a move to a different area, schedule an extended vacation there and get a sense of whether you will enjoy living there full time.

Plan for leisure activities and have a social support system in place.

Assume a positive attitude. Retirement is a simply a new phase in life - a turning point offering an opportunity to grow, learn, and pursue your dreams!

The following literature offers information about new trends in retirement planning:

The New Retirement, The Ultimate Guide to the Rest of Your Life by Jan Cullinane and Cathy Fitzgerald

Don't Retire, Rewire! by Jeri Sedlar and Rick Miner.

Karen Hawthorn is social services coordinator for Westerly Adult Day Services in Westerly. You can call her at (401) 596-1336 or e-mail her at socialservices@wadsinc.com.

Source: The New Retirement Survey, Merrill Lynch and Age Wave