Margaret Hinson, 58, had imagined the perfect retirement: She is 62, living in Daytona Beach near the ocean. When she isn't swimming or sailing, she is traveling to Europe, the Caribbean and other places she has always wanted to visit. But in recent months, that picture has faded. Instead of prepping for a life of leisure, Hinson is searching for a job.

For 20 years the Dunwoody resident worked in customer service jobs, mostly for medical insurance companies. After getting laid off from a full-time job, Hinson took a temporary position. That job ended six months ago and she hasn't worked since. She's older now, and competition for jobs is fierce. With little money saved up, Hinson faces a harsh reality. "I have to work a bit longer than I planned," she said. "I need to make more money." Her new target retirement age is 66.

Hinson is one of an estimated 2.5 million baby boomers in Georgia heading toward retirement. Over the next decade, the generation born between 1946 and 1964 will reach traditional retirement ages in numbers greater than any other generation. But studies show not all of them are prepared to exit the working world. While 47 percent of boomers surveyed in an October study by Knowledge Networks research firm said they are confident they will have the financial resources to live comfortably in retirement, 53 percent are not.

The majority of baby boomers (81 percent according to one AARP survey) say they will continue working after they retire. Some will work because they want to stay occupied, others need to work for financial security. The result of more people working past age 62 -- the youngest age at which some Social Security benefits can be claimed -- is a changed workforce and a new life stage that is not all about leisure.

"This whole notion of retirement ... is going to look and feel so different from person to person," said Jean Setzfand, vice president of financial security for AARP. "People are living longer. They want to stay more productive or they have to stay more productive and it will be based on their own individual drive what that life will look like."

When the Great Recession hit in late 2007, Setzfand began hearing stories about boomers working longer as a remedy for shrinking nest eggs, but then some of them got sucker punched. "People were losing their jobs, left, right and center," she said.

Among boomers who said their retirement outlook had changed for the worse, more than half cited the poor economy and 20 percent blamed unemployment, according to a July survey of boomers from AARP. In Georgia, workers age 55 and older accounted for 13.4 percent of the unemployed in 2011.

Hinson lives on unemployment and her rapidly diminishing savings. She realizes that without a job, she may not be able to stage a strong recovery. Her story is typical of many boomers 55 and older who have lost jobs and are dipping into savings to live. And since it takes twice as long for employees over 55 to find a job than workers of any other age, Setzfand said, the financial impact of a job loss can be devastating.

Hinson believes her age has been a factor in being unable to find employment. "I kind of feel like it is age discrimination, but they aren't going to tell you that," said Hinson, who has on average, three to four interviews per week for receptionist and customer service positions.

It's not quite the picture that many boomers had of the years leading up to retirement. But then, retirement as we have known it is a relatively new development created by the introduction of Social Security in the 1930s, followed by the expansion of private pension coverage and mandatory retirement ages. The elimination of retirement ages in 1986 and changes in retirement benefits are setting new standards for the so-called golden years.

"The retirement benefits system has shifted from that of the pension system to more of an individually guided system," said Setzfand. About 30 years ago, 401k's and IRA's became the primary vehicles for retirement, and 10 years of marginal returns coupled with the Great Recession has not provided the nest egg boomers had expected as they approach their 60s.

When Tony and Meg West moved to the Atlanta area in 1998, they decided to change their financial management strategy. Tony West, 56, who works in the high tech industry, had overseen their investments, but their two children were getting older and so were the Wests. They needed to make sure they were prepared to assist their children through college and to sustain themselves through retirement. "We thought, this is not something you want to dabble with. You don't want to do this without giving it your full attention," said Tony West.

With Meg, 54, a museum curator turned stay at home mom, West consulted a few financial planners. He wanted to retire at age 60. They considered having two homes -- one in a fun area that would attract their children and grandchildren and the other in a more practical location. They hoped to travel between the consulting jobs that West planned to take to keep himself busy.

Then the recession hit and the Wests went from being empty-nesters looking at a comfortable retirement to concerned investors worried about their life savings. They watched as more than 10 percent of their portfolio evaporated. They needed a new plan.

After discussing their retirement with Marc Daner, senior vice president in investments for Wells Fargo Advisors in Alpharetta, the couple came up with a strategy that would enable them to sustain their vision of retirement, even if the path was slightly different.

"I am now retiring later ... hopefully at 62," said West. "We could do it [at 60] but it wouldn't be the lifestyle we would like." Though his wife would prefer he wait until age 64, having a goal in sight has made them both feel more secure.

A comfortable middle class retirement in the Atlanta area can require between $500,000 to $1 million to sustain, said Daner. Most people have under saved for retirement and a whopping 75 percent have no financial plan at all. Instead, boomers prefer to work longer rather than give up their current lifestyle. Daner said they may be able to accomplish their goals by taking a different view of retirement. Working part-time hours, working for lower pay or working temporary jobs during the retirement years can help boomers make significant gains in their savings.

The impact of boomers working longer is already reflected in workforce trends. Between 2006 and 2016, the 55-and-older workforce will grow five times faster than the overall workforce, according to a 2007 survey from AARP.

Certain industries, such as health and education, have consistently ranked among those that welcome older employees. Large corporations interested in retaining older employees have begun to offer options for gradual retirement plans and opportunities for older employees to both teach and learn from younger staffers, said Maureen Kelly, business and community liaison for the Atlanta Regional Commission, Area Agency on Aging.

Local companies such as Georgia Power are recognized as good places for older employees to work, but a number of smaller businesses such as grocery stores and hotels, also court older workers, said Kelly. As more and more older workers stay in jobs, slowly transition out of jobs or step in to fill service jobs, our perception of retirement will continue to evolve.

"The way it is happening today, I don't think we can factually call it a retirement," Kelly said. "It is another stage."

But for boomers like Hinson, just how that stage of life will play out is uncertain. She regularly visits the North Fulton Career Center and the public library, where she searches the computers for employment leads. She has also reached out to church groups and family members for support and encouragement.

Her plans for life post-retirement are on hold for now. Instead of dreaming about days filled with swimming and sailing, Hinson dreams about finding the kind of job she needs -- one that pays her enough money to live in the present and save for an unsecured future.

Preparing for retirement:

--Establish retirement goals and make them a priority

--Increase annual savings to 20 percent of income

--Prepare a "retirement budget" to determine how much is needed to maintain a desired standard of living

--Meet with a qualified financial professional to identify gaps in your retirement plan and find strategies to close them

Source: Marc Daner, financial advisor for Wells Fargo Advisors in Alpharetta.

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