As the aging population uses the money to finance their retirement, where do you think it goes?

It chases goods and services.

And much of that money will get poured back into assets...young professionals who work at firms that cater to retired customers will buy homes, retirement communities will expand and build more buildings, older people will sell their assets and rent instead, which means that someone will buy homes and turn them into rentals. I agree that many older people will be liquidating assets, but it just seems they'll shift to other parts of the population.

> And much of that money will get poured back into assets...

I disagree with using the word "much," that money is going through the filter of consumables and living expenses. The parent poster's point is that retirement destroys wealth faster than it is created. (Which is why that wealth was saved in the first place. To believe otherwise is to subscribe to the Broken Window fallacy.)

Except right now nobody is entirely sure that money is a depreciating asset. Interest rates are close to zero, there may be inflation in a lot of places, but not if you're thinking of buying a house. The aging population is looking at postponing retirement, maybe even coming back out of retirement. Short term, most people are staying in cash.

"Having money, a depreciating asset, forces everyone into being a speculator. You have to make prophecies"

You're exactl yright. Perhaps this is why people are almost asking to be creamed on their finances. The classic condition for stress is having to do sth and not being able to do it. People who have spent tens of years doing "economics" are none the wiser for it, their forecasts are about as correct as those of a bunch of taxidrivers: Zero, no statistical significance. And still everybody must do it or, even worse, judge the ability of others to do it. No wonder the snakes thrive. In my experience, people who are blunt and truthful to clients have a really hard time to get heard.