A recent survey by Merrill Lynch found that Baby Boomers are expected to reject a life of either full-time leisure or full-time work in retirement. Most, 42 percent, said they expected to "cycle" between periods of work and leisure. Thirteen percent said they planned to start their own business.
The central motivation is not just money, the survey found, despite the fact that boomers will need more money than previous generations to remain comfortable in retirement. Although 37 percent said that continued earnings is a very important part of the reason they intend to keep working, a whopping 67 percent said they were most concerned with continued mental stimulation and challenge.
The unpredictable cost of health care was by far the boomers' biggest fear. Roughly half said they were more worried about a major illness, their ability to pay for health care or winding up in a nursing home, while 17 percent listed dying as their biggest fear.