Averages are often misleading. Another set of key figures is the distribution of created value between earned income, capital income, and welfare payments. Whe

Averages are often misleading. Another set of key figures is the distribution of created value between earned income, capital income, and welfare payments. When the number of retirees grows relative to the size of the workforce, there is a need to increase the share of capital income and/or welfare payments, because a larger fraction of people depends on them. In reality, the reverse is more likely to happen. The share of earned income is likely to increase due to labor shortage. Retirees will then be worse off, regardless of whether they depend on social security payments or savings.