And many of them haven't saved. But this isn't a crisis if we reinvent retirement. Most Boomers look at retirement as a new chapter in their lives, to be new people and try new things, rather than a phase of rest and relaxation.

We're beginning to recognize that it may not make sense to work at just one job for your entire life, retire for a few years and then die. Instead, we're more likely to take a cyclic approach to life—education, work, and leisure—and mix these up throughout our lifetimes. People are going back to school at 45, 65, even 80. People are having second, third, fourth, even fifth careers. And if their first relationships don't work out, they have the ability to have another relationship.

People are living longer than ever before. A hundred years ago, the average life expectancy was 47 years, and the median age was 17½. When they chose the age for retirement as 65, the average life expectancy was 62½. Now, the average life expectancy is almost 78, and shows no sign of topping off.

Tip #3: Taking the Next Step(s)

You don't know what you don't know

When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch.