This is an optimistic take. There are precedents, it is true. Probably the best match is the decline of the western Roman Empire into the Eurpean Dark Ages. The

This is an optimistic take. There are precedents, it is true. Probably the best match is the decline of the western Roman Empire into the Eurpean Dark Ages. The dark ages were dark because population reduced. Infrastructure fell into ruin because no-one could afford to maintain it. Quality of life suffered for everyone, evidenced by the declining stature of skeletons they left us, and the evidence of malnutrition in the bones. We can expect: An ever-greater proportion of economic activity going into elder care, especially healthcare of the aged. Higher taxes and lower savings - the elderly don't save. Lower investment: faced with declining sales generally, investors will demand a higher rate of interest - the hurdle rate for investment will go up, while disinflation makes holding cash or equivalent more worthwhile. Meanwhile entrepreneurs have to return investors' money with a declining forecast revenue curve. The elderly to have an even greater stranglehold on the political process than they do now, creating a policy environment unfriendly to innovation. There will be more pressure for taxpayer-supported elder care. Other public goods like infrastructure will be neglected as a result. There will be pressure to increase weekly working hours for those of working age. Governments eventually wiill realise that (low skilled) immigration doesn't solve the problem long term, but makes it worse because immigrants get old too. As for the reaction of women perceiving a new retirement reality: they may decide to have no children at all, instead saving hard for their retirement. China has not much in the way of social security or elder healthcare (except for party members above a certain rank), and China's fertility rate is way lower than the USA's.