The American population is aging; and as a result, a larger share of the actual and potential labor force is now age 55 years and over. The Bureau of Labor Statistics reports that the proportion of the labor force age 55 and over rose from 11.9 percent in 1994 to 21.7 percent in 2014, and the bureau projects that it will increase to 24.8 percent by 2024. The increasing share of the labor force age 55 and older is driven in part by the aging of the population;[1] however, another important component is the substantial increase in the labor force participation rate among older cohorts. The participation rate of individuals age 55 and older rose from 30.1 percent in 1994 to 40.0 percent in 2014.