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Figuring out a budget for your 40s – 60s (and beyond) can be a complex undertaking, what with the adjustment of expenses and the steady increase of healthcare costs.

According to the Vanguard Center for Retirement Research study, "Six Paths to Retirement," baby boomers — with their longer life spans and eagerness to work — have so fragmented the concept of retirement that "one size fits all" financial planning no longer applies.

Life becomes especially complicated for those who are looking to pursue a second career.

"Very few people have the typical retirement career, where people get the watch and then go play golf all day," said Deborah Smith, associate professor of sociology and director of the Family Studies Program at the University of Missouri-Kansas City. "We've been seeing growing trend of two stages of retirement. The first occurs when you take that big trip, like to Europe or something, which comes from the cultural idea that in retirement you have all this time and all these things you've always wanted to do. But after three or four years you enter a phase where you start asking, ‘What now?'"

Consult with a financial planner.

You'll still need to take some measures to ensure that you remain financially comfortable. And those measures start with consulting a professional financial planner. A financial planner will help you take stock of what money you have in retirement savings and pension funds, then provide recommendations on how to best manage those assets so they'll continue to grow at the highest possible rate with the lowest possibility of risk.

Start saving.

And if you're hoping to pursue your passion by starting a new career – or you're considering investing some money in a small business or some other pursuit – you'll want to make sure there's plenty of cash.

You need about two years worth of salary from your old job to pull off any kind of venture," said Angela Thomson, president of Coastal Financial Planning in Lincoln, R.I. "You want reality? That's the reality."

You'll also want to familiarize yourself with the withdrawal strategies and tax implications regarding your retirement savings.

Check your health insurance.

When that's finished, it's time to take a good, hard look at your health insurance situation. (Access to affordable health insurance sends more people back to work after retirement than any other issue.) A good rule of thumb is that if you're 50 or older, you're likely to pay between $600 and $800 per month in health insurance. And that's if you're in good health.

Adjust your lifestyle.

Thomson believes that unless people are willing to continue working that first job, most people's retirement years will require an adjustment in lifestyle such as downsizing the home, selling a car or boat or cutting back on restaurant dining. This, Thomson said, could prove the most difficult adjustment for boomers.

"The answer is to get away from the immediate gratification that everyone thinks they're entitled to," she said. "I've had people in my office who, when I say that, they look at me like I have two heads. I don't have two heads."