[ajmurmann]

> Especially in all the countries relying on the working force to pay for the elderly through tax &co

I don't think it makes much of a difference in practice for this scenario if retirement is funded by savings/investments of the elderly or through taxes and other transfers from the working population. As much of the population is retired the value of the investments will go down as now now people are selling than buying new investment. It would become a indirect transfer.