(AP) Many aging baby boomers are caught between a desire to work less and a labor market that just isn't ready to let them go.

According to the Bureau of Labor Statistics, the number of people 65 and older who are still working in some capacity is higher now than 20 years ago. The Transamerica Center for Retirement Studies finds that slightly more than 40 percent of U.S. workers hope to cut back hours, or transition to a less demanding position before retirement.

One option offered by about 8 percent of employers is "phased retirement." That allows retiring workers to go part time while also mentoring their incoming replacement. In other cases, employers are eschewing formal arrangements in favor of short-term contracts.