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Older, but Not Yet Retired

"The labor force participation rate has fallen drastically in the last few years, partly because a huge chunk of the American population — the baby boomers — is rolling into retirement age. But the aging of Americans born from 1946 to 1964 has not actually had as big a drag on labor-force participation rates as demographers might have guessed a few decades ago.

"That’s because it has become much more common for people over 65 to continue working.

"According to a new Census Bureau report, in 2010, 16.1 percent of the population 65 years and older was in the labor force, meaning either working or actively looking for work. Two decades earlier, that share was 12.1 percent."

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