What began in 1995 in a single country, Italy, will spread to 56 nations, from Australia to Iceland, by 2030. These are the findings of Joseph Chamie, who spent a quarter of a century studying population patterns at the United Nations in New York and now is an independent researcher.

Chamie refers to this as "the jump from a Toys 'R' Us society to an Olds 'R'Us one."

While the prospect of longer lives is a good thing, problems arise when a shrinking work force cannot foot the pension bill. Several decades ago, you could have had about 10 workers per retiree, but that could shrink to the point where in Italy,  for example, you had three workers per retiree. While the political choices are unsavoury - increase taxes or cut benefits - governments are running out of time to act.

You "can't repeal the law of demographics," Chamie said.

Bloomberg