[JohnBooty]

    Yes, there will be economic effects, but it's hardly 
    catastrophic. Japan is managing just fine. 

I'm absolutely unqualified to say if they're correct, but there are a lot of economists predicting disaster for countries like Russia, Japan, and (not far behind them) China who will face this kind of demographic shift. The US is in the midst of this kind of shift as Boomers age through the system, but it is said that it will be less severe (thanks to younger immigrants) and less permanent than some other countries are facing.

Of course, you can find a lot of "experts" saying anything. Economics is an area where I haven't got the chops or the hubris to tell shit from shinola.