A line chart showing trends among older workers and the U.S. labor force. The top solid line shows the percentage of the 55-and-older U.S. population who are under age 65. It falls gradually from 48.7% to end 1959 to 38.7% to end 1996 before climbing back as high as 47.9% to end 2011. It falls gradually from there, to 42.1% to end 2022, and is projected to be in a range from 37.7% to 39% from 2031 through 2060. A dashed line representing Vanguard’s assessment of the historical 55-and-older labor force participation rate largely tracks the trajectory of the top solid line at a level from 4 to 9 percentage points lower from the end of 1999 through the end of 2028. A second solid line representing the actual 55-and-older labor force participation rate veers upward to end 2022 at 38.8%, or 1.4 percentage points higher than the historical assessment, representing about 1.4 million more people in the workforce than would have been expected.