The happiest people combine work, leisure and extra income. Baby-boomers asked to define R&R are more likely to say "rock 'n' roll" than "rest and relaxation." That's a good thing, given that the old-fashioned definition of retirement as 25 years of leisure is built on two misconceptions, says gerontologist and author Ken Dychtwald. The first, says Dychtwald, is the notion that "if you remove work from the lives of productive, intelligent and active individuals, they will still be happy." On the contrary, says Dychtwald, "for many, retirement becomes a time of boredom and isolation." The second misconception is one of...