[phicoh]

That why I specifically mention The Netherlands raising the retirement age. That causes both more labor to be available and reduces the number of people who are retired.

Pensioners don't cash out at once. The number of pensioners grows slowly which many result in gradually lower demand for stock or real estate. No need to expect a crash because of this.

No need to expect anything to happen to food either. Food production is highly efficient and relies on only a tiny fraction of the total labour