This is a few weeks old, but I felt it is relevant here. Noticeably absent from the "speculation" as to the reasons fewer people in their 50's are working is the elephant in the room: Ageism. I gave up searching for work because it's painfully obvious my capability is not the issue. AARP has permanent support education for 50+ people trying to get hired.
All I hear about with respect to frustrations being unable to find a job is focused on the youngest, while it's the eldest that are being forced out at alarming rates. The worst part is we don't have any recovery path, and some of us are supporting adult children who can't find work.
We either navigated all the pratfalls life throws at us and have savings enough to "survive", or we didn't, and we become another near invisible member of the predominantly elder population of homeless standing by intersections hoping for a handout.
Next January possibly millions of over 50 people thrown out of work and unable to find any job (even minimum wage jobs) will lose their health coverage, since Medicaid begins requiring 20 hours per week of work to qualify.
We are well beyond "fearing dystopia" now. We've been living it for a decade, some would say longer.
There is a strong segregation. I'd argue it isn't just generational though. And it's not new
Look at literally the hiring habits of every Indian manager, or eastern European?
Literally all it took was 1 Indian to be promoted to director of my department,and we have not had a single promotion, or out of cycle raise for anyone that was not a man with strong Indian roots. Not once in almost a decade. If you want up, you must move sideways - which I thankfully did.
My friends employer hired a VIP that was from Belarus, and within 6 months. My buddy found he was the only American still in his entire department.
Yup, that is more explicit discrimination. And before you retire, consider suing that place. Right wing outlets will eat it up.
There is a separate softer and amorphous "team culture" bias that is particularly difficult if you're substantially older (or younger) than everyone else.
I once was on a job interview and was asked, "It's important that everyone gets along, so what are your hobbies?" Obviously, if people get along and what their hobbies SHOULD ideally be two different questions, but if everyone is talking about Pokemon and you're just wondering who is going to win the International Chopin Competition, you're probably not going to gel.