The percentage of older Americans who are working is declining: The employment-to-population ratio for those aged 55 and over is down to 36.8%, the lowest since 2021. Excluding the 2020 pandemic, this is the lowest percentage in 18 years. Before 2020, this metric was at ~39.6%, or 2.6 percentage points higher. This comes as the 55+ population is expanding rapidly, with the Baby Boomer generation aging into this group. As a result, the aging population is putting growing pressure on Social Security and Medicare, driving federal spending higher. The US labor market is changing.