More and more Baby Boomers begin the new year with nothing on their schedule but plans to golf, travel, and spend more time with the grandkids.
Bloomberg reported that the number of Americans aged 65 or older without a disability that aren’t in the labor force rose by 800,000 in the fourth quarter of 2016, marking the resumption of a long-standing trend: the exodus of their generation from the work force and into retirement.
For more than five years, the six-month trend for this figure — a significant demographic source of downward pressure on the headline labor force participation rate — had been heading higher, before plateauing for most of 2016. The labor force participation rate for this cohort tanked by a full percentage point, to 23.6%, in the final quarter of the year.
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