"People over age 16 who are no longer working or even looking for work, for whatever reason (retirement, school, personal preference, or gave up), are counted as not participating in the labor force."
Newsflash: Baby Boomers are retiring in record numbers...like 10k a day. Do the math
https://www.washingtonpost.com/news/fact-checker/wp/2014/07/24/do-10000-baby-boomers-retire-every-day/