In fact, Fahlund points out that by working longer, your employer underwrites your living expenses, including that ultra-expensive health insurance, while you continue to add to your savings.

Moreover, you have that many fewer years in retirement to finance on your own.

As the Center for Retirement Research found, by working for two or three more years, most Americans would substantially improve their retirement security.

And if you combine a few more working years with catch-up saving, you can pump up your holdings.

For many in the Big Chill generation, delaying retirement is not necessarily a hardship; it may be a goal. "People are increasingly recognizing the psychological benefits of staying active and involved in work, whether on a full-time or part-time basis," says Art Koff, author of "Invent Your Retirement."

"Stopping work at 62 doesn't fit reality," says Stephen Utkus, principal at Vanguard. "There's actually a transition period from your fifties to age 70, when people often work part time or full time, typically out of choice as much as financial need."

Still, finding a satisfying postretirement career can be difficult. Many employers are reluctant to hire older workers, and for some boomers, bad health (or at the least, creaky knees) may be an obstacle. You'll have to consider - better now than later - whether you want to or can work full or part time.

You'll also have to decide whether you can or want to continue what you already do or whether you'll need retraining or further schooling to qualify for your next career. "It's easiest to find work you like if you plan ahead while you are still in your regular job," says Koff.

Check to see if your current employer offers flexible work arrangements that would allow you to continue on a part-time or consulting basis after your retirement date. If you want to start your own business, try it as a hobby now so you'll know whether you like it before you invest all your savings.

As those now aging boomers once said (sang, actually): "You can't always get what you want, but if you try sometimes you just might find you get what you need."

And so it goes with retirement. It may not be the idyll you once imagined, but by getting serious now, you should have enough to let the good times roll.