Baby boomers could be in for a rude awakening when theyretire—they’re planning on working once they hit retirement age,but they’re overestimating both potential pay and jobflexibility.

That’s according to a new study from the Bankers Life Center fora Secure Retirement titled “New Expectations, New Rewards: Work inRetirement for Middle-Income Boomers,” which found that although 60percent of boomers are planning on that after-retirement job, and more thanhalf of nonretirees say they’re willing to take a pay cut to haveit, their expectations are too high.

Read: Workers' income falls after50

Only a fifth (21 percent) said they’d be willing to take a lotless in hourly pay, while 26 percent don’t intend to take a pay cutat all. But, according to retiree respondents in the study, thosedeclarations just aren’t realistic

The good thing is that 80 percent of retired boomers who areworking say it was very easy or somewhat easy to find a job. Thebad news is that the money just isn’t there. Among retirees who arecurrently working, more than half (53 percent) are making a lotless per hour now than they were before they retired.

And that’s tough, considering that 39 percent of boomers workingin retirement are doing so because they can’t afford not to—and 69percent of those who have already retired when they didn’t want tosaid ill health (39 percent), a layoff (19 percent), or the need tocare for a loved one (9 percent) made them do it.

If that’s not discouraging enough, there’s the whole flexibilitything, with 94 percent of boomers who haven’t yet left theirprimary workplace wanting something other than standard workinghours, such as flex time (56 percent), telecommuting (20 percent),a compressed work schedule (17 percent), or even sharing a job withsomeone else (14 percent). However, only a little over a third ofretirees who are presently working (37 percent) have any of thoseaccommodations.