We haven't even hit peak baby boomer yet. The number of adults who are retired and claiming pension is increasing. Look at this chart for the US, for example:



Look particularly at the 50-64 age ranges which are relatively larger, and the 5-19 age ranges which are relatively smaller. In the next 10-15 years, all those baby boomers will be hitting pensionable age, whilst a lower number of Generation Zs will be taking their place. On top of that Millennials are having less children, and so the trend is only going to get worse, with a growing elderly population and a shrinking workforce.