Last week I reported on a new study suggesting that around a third of baby boomers don't have enough in savings to maintain their current standard of living in retirement. While I certainly think people need to save more money, I wasn't panicking yet. I wrote that, "Rather than seeking Florida retirement communities and golf courses, the senior citizens of the future may work longer, often on projects that have a social element. Remember, this is the group of people that brought us Woodstock and the Vietnam War protests -- I don't see them sitting by the beach."

MarketWatch's Marshall Loeb has a good piece on this very same issue. He starts with a nice quote from Jack Welch: "People don't want to sit on the beach just because they've hit 70. They're too vibrant. They want action: 70 is the new 55."

Loeb writes that "The appeal of early retirement is fading, and more and more folks are willing -- even eager -- to work beyond some mythic date. A record 24.6 million Americans age 55 and above are on the job."

Age discrimination is on the decline and so are "mandatory retirement ages" for certain companies and occupations.

This is great news for everyone: Older workers have a lot to teach younger workers, and working, at least part-time, late into life will likely slow mental deterioration (just like playing bridge does).

So let's not weep too much for the baby boomers. Many may not have enough to retire at 65, but that could work out just fine for them -- and society at large.