The vast majority of those over age 50 no longer feel hitting a certain age means it is time to retire and most no longer define retirement the way it was defined in the past, according to a Merrill Lynch Affluent Insights Survey on the changing face of retirement.

Only 14% of those over age 50 think retirement is marked by hitting a particular age, the new survey says. Additionally, 73% of those not yet retired say they view it as a second phase of life and 30% say they will continue to work at least part time during retirement, mixing work and leisure. Only 24% say they will never work again.

Living longer is the key ingredient in the changing attitude toward retirement, says David Tyrie, head of personal wealth and retirement for Bank of America Merrill Lynch. This means that relationships between retirees and their advisors are going to be more personal and are going to last longer, he says.

"Helping individuals and families optimize their financial resources and quality of life during retirement is not a math problem solved solely with a calculator or single product," he says. Instead, it will take such things as longevity insurance, lifetime income products like annuities, and other products that allow retirees to continue accumulating wealth--even though this used to be a time when people focused solely on distribution.

At the same time, 55% are concerned about being able to afford the lifestyle they want in retirement. There is now a 31% chance that at least one spouse in a 65-year-old couple will live to be age 95. The survey also revealed that the majority of Americans (59%) believe the age for Social Security eligibility should be raised.

"Today's baby boomers are charting new territory, and they will find ways to pave the way for the next generation's retirees," Tyrie says.

Those retirees who need to make changes to make their money last will trim day-to-day expenses (38%), limit vacations (32%) and downsize their homes (24%), the survey says.

But many want to discuss with their financial advisor ways of living well longer, Tyrie says.

"Financial advisors today are a source of insight and advice around how trade-offs, health-care costs and longevity may impact retirement outcomes," the survey says.

Merrill surveyed 1,000 people with at least $250,000 in investable assets. Among the issues people want to talk about with their advisors: the possibility of living to be 100 (30% see it as a priority issue), managing cash flow and liquidity in retirement (29%), and balancing competing near- and long-term financial demands (26%).

"Each retiree and family is going to be different and each situation is going to require a different plan. It is not just a number," Tyrie says.

--Karen DeMasters