Almost three-quarters (74%) of affluent Baby Boomers who are still at work do not plan to fully retire when they reach their chosen retirement age, according to a new report by consulting firm Spectrem Group.

Rather than taking traditional retirement, 34% of this group intends to work a reduced schedule, 30% plans to start a new career, and 10% does not expect to retire at all. And, 63% of non-retired Baby Boomers intend to finance their eventual retirement by selling their primary residence, according to Spectrem.

“Affluent Baby Boomers in large numbers are saying ‘no’ to the concept of traditional retirement — opting to remain in the workforce when they hit their chosen retirement age. This coincides, of course, with significant uncertainty about Social Security and the elimination of so many traditional retirement plans. The fact that such a high percentage of these individuals are planning to sell their homes to fund their eventual retirement suggests that few can manage the type of ‘Golden Years’ retirement their parents enjoyed,” said George Walper, Jr., president of Spectrem Group.

The report notes that the expectations of the affluent Baby Boomers are substantially different from the experience of current retirees. About 62% of current retirees were fully retired at their chosen retirement age, the report found. This compares to the 26% of affluent, working Baby Boomers expecting to do so.

The report is based on survey responses from 500 affluent households. Affluent Baby Boomers, the focus of the Spectrem report, are those with investable assets of at least US$500,000. The survey data were gathered via telephone interviews conducted during the summer of 2004 and have a margin of error of plus or minus 4 percentage points. Baby Boomers are defined as individuals born between 1946 and 1964, representing nearly half of the 190 million U.S. workers fully insured for Social Security, according to U.S. Census Bureau statistics. The first Baby Boomers will turn 65, the standard retirement age, in 2011. About 69% of all Baby Boomers are still at work.