Summarizing and concluding remarks

Abstract

Ten summarizing and concluding remarks are made.

The so-called demographic transition primarily results from a decline in fertility rates, followed by increased longevity. Countries over the world are in different phases of the demographic transition. In all more developed countries and in many less developed countries as well over the course of the next 50 years there will be a substantial increase in the proportion of the population of age over 65 and a substantial decrease in the proportion of the population aged under 20. The working age population (those between 20 and 64 years of age) is less increasing or even slightly decreasing in the coming half century. Hence, young people in the developed countries (and in the more rapidly aging developing countries as well) likely will have to pay higher pension contributions, but out of higher incomes, thereby leaving further welfare growth for all. Older people have to work longer, but at better jobs and under better working conditions. Pensioners will receive lower incomes in relative terms and their assets unfortunately will be less worth than they expected.