Consider this chart of workforce participation for two groups; workers 22-55 (white) and those 55+ (brown). The lines crossed in 2002. The negative gap has widened every year. It's fallen off the chart the past three years.
One solution to the lack of upward mobility for those 55 and under would be to get more of the 55+ folks out of the workforce. The exact opposite is happening. Older workers are putting off retirement in droves. But only because their primary nest egg, their home, has turned into a liability. They are afraid to invest in stocks, and there is no income to be had in a world of perpetual zero interest rates. So they continue to work.
As a policy matter, the country is going in exactly the opposite direction. Republicans, Democrats, the Fiscal Commission and even the AARP have all been pushing for an increase in the retirement age. This may be necessary to "Save SS as We Know It", but more older workers means less opportunity for younger ones.