The unemployment rate only includes people who don't have jobs and are looking for work. A much larger swath of people — about 36 percent of U.S. adults — don't have jobs and aren't looking for work at all. That figure is higher than it's been in decades (and, conversely, the share of adults in the labor force — shown in the graph above — is lower than it's been in decades).
Here are four reasons why so many people are leaving the labor force.
A lot of what you'd see at the National Senior Games looks familiar if you've ever watched the Summer Olympics: There's track and field, basketball and swimming. At the Summer Olympics, however, you will not hear voices in the crowd cheering "Go, Grandma!"
Everyone at these games is over 50, and they play some sports that will likely never appear at the Olympics. Here's a sample:
More than 10,000 athletes are meeting in Cleveland for The National Senior Games. Adults older than 55 — and some older than 90 — are running track, riding bikes, playing basketball and competing in many of the sports you might see at the Summer Olympics. In fact there are a few who were Olympians themselves back in the day who say they find that competition is just as satisfying in their later years.
One of those is 82-year-old swimmer Graham Johnston. When he's not racing or getting ready to race, he's in the stands, checking out the other swimmers with an expert eye.
Some famous writers, painters and musicians have done some of their best work in their later years — impressionist Claude Monet, for one. But at the North Hollywood Senior Arts Colony, older people are proving that you don't have to be famous — or even a professional artist — to live a creatively fulfilling life in old age.
With a fully equipped theater and painting and sculpture studios, there seems to be rehearsals or exhibitions of some sort going on here all the time.
"I'm a carpenter/cabinet-maker/woodworker, and I think I'll be retiring the day I die."
Michael Powers, 47, is not alone in his retirement insecurity. According to a Pew study published in May, members of Generation X — aged 38 to 47 — are on track to be the first generation to do worse in retirement than their parents. Assuming they retire at all.