Baby Boomers Look for a Revved-Up Retirement

May 9, 2006 — -- For years, Bob and Dottie Davis lived wherever his jobs in the oil industry took them. Then five years ago, the baby boomer couple began planning for early retirement.

"This time we could choose where we wanted to go, and that's exciting and it's scary," Dottie said.

They passed up Hawaii, Southern California and Santa Fe, N.M., winding up in Asheville, N.C., near the University of North Carolina campus.

They've enrolled in several classes, including yoga, which Dottie attends weekly.

As more than 77 million baby boomers approach retirement, a growing number are simply not content to sit on a beach.

"These people are more active. They are healthier. They may consider retirement to be a midlife event," said Tom Wetzel of Retirementliving.com.

And they're not just staying in quiet, suburban areas.

Cities are becoming increasingly popular retirement destinations, as they offer access to culture, sports and the possibility of maintaining an active lifestyle.

In New York, one realtor has noticed a huge increase in interest from older buyers.

"I think the market has quadrupled over the last 18 to 24 months in terms of retirees being a part of our marketplace," said Michael Goldenberg.

When Carol and Dennis Douglas' daughter left home, they did a reverse suburban flight and left their small town for downtown Chicago.

Carol Douglas said she loves the museums, theaters and "all the things that are available to you."

They ride their bikes to lunch every Thursday, and three days a week Dennis rides to the hospital where he volunteers.

He said that while some of his friends thought he and his wife were nuts for heading to the city, he jokingly added, "They like to visit us!"

As Americans are living longer and quitting work earlier, that can mean decades of retirement and plenty of time to explore someplace new.

Watch "World News Tonight" this week as our Retirement Revolution series continues.