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The Baby Boomer Retirement Crunch Begins | USNews: Money Retirement

By Emily Brandon, the US News

The oldest baby boomers have already turned 65, and the older population of the U.S. is beginning to swell. The age-65-and-older population grew 18 percent between 2000 and 2011 to 41.4 million senior citizens, according to a recent Administration on Aging report. And these numbers are expected to further balloon over the coming decade as baby boomers continue to reach traditional retirement age. Here's what retirement looks like for the typical person age 65 or older in the U.S.

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Continuing to work. A growing proportion of the older population is continuing to work during the traditional retirement years. Some 18.5 percent of Americans age 65 and older were in the labor force in 2012, according to the Bureau of Labor Statistics, including 24 percent of men and 14 percent of women. Young retirees between ages 65 and 69 are the most likely to be working. "For a lot of people, they literally need to work. Work has also increasingly become connected with the sense of the meaning of life and the purpose of life," says Marcie Pitt-Catsouphes, director of the Sloan Center on Aging and Work at Boston College. "The same person might have reasons from each of those categories."

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