Not exactly the retiring type

Baby Boomers may well end up redefining the notion of retirement. Not surprisingly, it looks less like sitting in the rocking chair, or even chilling on the beach, and more like, well, working.

In a 2001 survey of boomers, 80% said they were planning to work past 65, at least part time, according to AARP.

Many will do it because they have to; they need the money, AARP says. This generation has every expectation that they will live longer than the previous one. Yet, few have saved enough money for 30 years of full retirement.

But there's a second reason they have for wanting to keep working, according to the survey: "Desire to stay mentally active."

"Boomers are going to redefine what we think of as aging. We'll reject the term 'aging' or 'elderly,' " says Deborah Russell, AARP director of economic security. "Many boomers want less responsibility; they've done the management thing. They're looking for more meaningful work, to hone their skills, to still contribute — but to have flexible work options."

Not only are they interested in working, but it looks like the economy is going to need them:

American business is facing a massive retirement of workers over coming decades without the padding of a big generation to fill their shoes. The number of workers ages 45 to 64 is going to jump 52% by 2010. But the number of workers ages 35 to 44 — those in prime position to replace the boomers — will drop 10%, according the Bureau of Labor Statistics.

Demand is expected to far exceed the U.S. labor force as the mega-generation retires, according to the Employment Policy Foundation in Washington, D.C. "We've got a looming labor shortage, and I don't think we can get enough labor overseas," says Janemarie Mulvey, EPF chief economist.

There's tremendous untapped potential in this segment of the population. But companies are going to need to be flexible to attract them.

In small but growing numbers, companies are beginning to offer programs to keep and lure older workers. Some have been doing it for years.

Monsanto has a Resource Re-entry Center with a database of retirees who want to work part time, full time or on special assignment. After a six-month retirement, they can join. The program, started in 1991, has 300 people in the database, with about 200 on assignment now at 12 Monsanto operations nationwide.

"We have (workers) in every area you can imagine, from very technical research to IT to sales to distribution to accounting to auditing," says Deb Lebryk, director of external relations for Monsanto, which is headquartered in Stamford, Conn. "We even have an individual who has considerable interest in travel who does audits across the world. She's been to Brazil, Argentina. She'll call us and say, 'I'm in Antwerp. Any work you want me to do?' "

Shuffleboard, anyone? I didn't think so.

UPDATE: Japan is further along the aging curve and could potentially be a crystal ball for the US.