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Labor force participation feel from 67.3% in 2000 participation to 62-63% today. The apparent 10% - 3.5% drop in "unemployment" since 2010 is kinda meaningless since participation fell about 3-4% in that period as well.
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Why does nobody really talk about labor force participation rates going up and down? Talking about unemployment rate going up and down without reference to participation rates is like... uhh.. talking about bitcoin-denominated alt prices without talking about btc-usd rate.
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What are the criteria for excluding someone as a retiree? Someone who lost their job in the crash at 55 or 60 and figured out a disability jive to avoid starvation might not look on paper like a retiree. But they sure did age out of the workforce.