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> The underlying problem Germany has is the population dynamics.

Actually the fact that wages stopped rising along with the economy as a whole (e.g. less of the generated profits get payed out as wages) seems to play an important role, too.

The retirees represent a cost in absolute numbers (e.g. they are entitled to pension benefits of a certain size). The workforce is collectivly paying out the retirees with a share of their income.

That system works fine even with a declining retiree/workforce ratio (which actually shrinks since at least the 1960s) as long as real wages continue to grow along with GDP and productivity.

Which they don't, and that's a problem.