Retired voters, and voters approaching retirement, will fight denture and nail against that. The likely result is some claw back of benefits for them, but young

Retired voters, and voters approaching retirement, will fight denture and nail against that. The likely result is some claw back of benefits for them, but young workers would still carry a much heavier tax burden than the retired class did, preempting their own retirement savings. That causes them to defer or forego marriage and children as well, causing a continuing downward spiral. Without an attestupa or genuine efforts to improve fertility rates, we're in for very grim times in most countries. There's a kind of virtuous cycle here, though, as a government that does figure out how to mold its age demographics in an effective manner will be a much more attractive destination for young emigrants.