Retirement-age baby boomers don't stop buying homes.

They find new ways to bring home the bacon to buy more homes and boomer women are playing much greater roles in this new "active retirement" trend.

"The New Retirement Survey," conducted for Merrill Lynch by Harris Interactive in collaboration with Age Wave, builds upon existing studies that say baby boomers typically won't pursue traditional retirement of leisure.

While 76 percent of boomers intend to keep working and earning in retirement, on average they expect to "retire" from their current job/career at around 64 but only to launch into an entirely new job or career, the survey said.

Baby boomers are Americans born between 1946 and 1964 and are now aged 41 to 59. They represent a population bulge of 75 million people who are redefining the second half of life.

AARP estimates that 70 percent of those 45 and older plan to continue working in their "retirement" years and AARP's "Fixing To Stay Put" study likewise says 71 percent of Americans aged 45 and over plan to stay in their own homes when they retire.

Harris Interactive conducted the telephone survey between February 5 and March 1, 2004, among a nationwide cross section of 2,348 U.S. adults ages 40-58 of whom 1,061 were men and 1,287 were women.

The study found:

• Traditional retirement is likely to begin in the late 60s rather than at 65 or younger.

• Boomers would like to "cycle" between periods of work and leisure (42 percent); work part time (16 percent); start their own business (13 percent) or work full time (6 percent). Only 17 percent said they hope to never work for pay again.

• It's not just the money. While 37 percent of boomers say continued earnings is a very important reason they intend to keep working, 67 percent say continued mental stimulation and challenge is what really motivates them to keep at it.

• Boomer women will play a greater role. Boomer women are better educated, more independent, are simultaneously juggling more work and family responsibilities and are more financially engaged than any generation in history. Married boomer women are more than six times more likely to share responsibility for savings and investments compared to their mothers' generation (33 percent now vs. 5 percent then).

• Boomer women retire to Mars. Boomer men retire to Venus. Boomer men are looking forward to working less, relaxing more, and spending more time with their spouse. While boomer women view the dual liberations of empty nesting and retirement as providing new opportunities for career development, community involvement, and continued personal growth.

• Financial preparedness is the gateway to retirement freedom and the antidote to retirementphobia. Accumulating the resources boomers believe they need for retirement freedom (81 percent), rather than age (56 percent) or any other variable, was cited as the most decisive factor for when they choose to retire. And, recognizing the growing uncertainty of government entitlements, including Social Security, boomers who have a plan and feel prepared are twice as optimistic and far less fearful compared with those who do not.

Home ownership and its value as an asset for financial security is key.

Only those in the 65-and-older age group has a greater share of home ownership than boomers.