According to a Congressional Research Service report, "there is a rapid decline of labor force activity as workers reach their late 50s (55-59)--the approximate age when many buy-outs and some private pension plans allow for early retirement. This is reflected in a pronounced drop in labor force participation of just under 9 percentage points (from 80.2% to 71.3%) from what was reported for workers in their early 50s. This drop is followed by a subsequent 10 precentage point drop as workers enter their early 60s, when widow(er)s' Social Security benefits become available. For the age group who are eligible for early retirement (ages 62-64), their is another large decline in labor force participation of over 16 percentage points." (p.5)

"For the purposes of this report, the term worker refers to all participants in the labor market." (p.6)

U.S. Congressional Research Service. The Library of Congress: Issues in Aging: Unemployment and Older Workers (RL32757; Jan. 31, 2005), by Julie Whittaker. Text in CRS Web. Retrieved September 10, 2006, from http://www.opencrs.com/rpts/RL32757_20050131.pdf

"This report examines how unemployment has a different impact on the older worker. As workers age, negative--but previously temporary--events such as unemployment may push otherwise firmly entrenched workers out of the labor force. While older workers are less likely than others to experience a spell of unemployment, those older workers who do experience unemployment have a higher incidence of withdrawing from the labor market."