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Elderly work during retirement

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Elderly Americans and those approaching senior citizen status are being compelled to work during the traditional retirement years after being impacted by the recent severe recession, which put many baby boomers in financial binds.

The Community Foundation of Broward in Florida recently donated $470,000 in grants to groups that help senior citizens find jobs and volunteer work with stipends, assisting in the transition from one career to another, the Sun Sentinel recently reported.

The largest group in South Florida consists of the baby boomer generation, who are ages 47 to 65, and make up a third of the population, according to the source.

In 2011, retirees will be able to earn up to $14,160 a year without losing Social Security benefits. Those who are reaching retirement age, which is 66, could possibly earn up to $37,680 a year and have $1 deducted for every $3 they earn above the limit, according to the Sun-Sentinel.

More than 40 percent of Americans ages 55 and up are still working, which is the highest rate in more than two decades, the Employee Benefit Research Institute reported.

A new study released by the institute also showed that one out of five Americans at least 50 years old expects to never stop working.

Given the financial pressure that many people are facing, interest in financial products such as indexed annuities is beginning to rise, as Americans are seeking ways to improve and stabilize their finances.

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