A Merrill Lynch study entitled “The New Retirement Survey” reveals how baby boomers will transform retirement. The study finds that “boomers are not interested in pursuing a traditional retirement of leisure. Instead, the majority of boomers plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement.”

As such, services or products that cater to the changing perspective of baby boomers about retirement are growing. Opportunities are aplenty for small businesses as these baby boomers are leaving and buying new (often smaller) homes, moving to senior communities or even deciding to stay put. Many of the baby boomers are looking for specialized, unique, even high-end services – which a small or even home-based business can provide. Some possible services include eco-tours, home remodeling, financial services, specialized spas and even kayaking.

Another profitable niche to consider is an apparel business targeting senior women. Women over the age of 50 are estimated to stand at about 50 million in the United States today — a baby boomer woman turns 50 every 14 seconds. As a woman ages, her spending power typically increases — but marketers’ interest in dressing her decreases! Only a few retailers are actively targeting this important market segment.