[ThrustVectoring]

What is increasing, though, is the retiree-to-worker ratio. This is intractably linked to the housing price-to-income ratio, too.

Retirees pay for goods and services in one of two ways - they either receive tax receipts through government programs, or sell off assets they have accumulated in their working career. Every asset seller has a matching buyer, so this implies that workers provide for retirees through a combination of taxes and buying assets with their savings.

Housing and mortgage debt is an absolutely enormous pool of assets, and one that large numbers of retirees naturally accumulate over their working career.