Baby boomers are getting old and retiring thus the rate drop.
1946 now 77
1947 now 76
1948 now 75
1949 now 74
1950 now 73
1951 now 72
1952 now 71
1953 now 70
1954 now 69
1955 now 68
1956 now 67
1957 now 66. this june i qualify for full social security if i retire.
these numbers will continue until 1964 are 70 or 2033
so downward pressure will not end for 10 years.
The amount of people born 1946 to 1964 is huge and they dropped out a lot shrinking participation.
Take a 66 year old this june he can go to full social security. Or work at Shoprite union job checking groceries.
I know four or five checkers that stopped the last few years they would have worked longer but with covid-19 and being able to quite they did.
Some quit in 2020 and did nothing (or off books) till they can retire. A lot of people are doing this.