Slightly above ‘average’ inflation-levels, compounded over time, creating an intrinsic tax on wealth and inflating away the debt-to-gdp ratio so it remains roughly the same or near-same levels. Combine that with an increase in retirement age, a reduction in retirement benefits, and an increase on social-security tax incrementally over the next decade. Gen Z will perhaps be the first with a retirement age of 69 (nice).
Once upon a time it was irrelevant. Whatever age it was, you died before you hot there.
Then we decided that 60 is a good age. Most people die somewhat-soon after that, so you can store up value along the way, then spend it "after retirement". Back in the day most people entered the work force by 20 (usually a lot earlier) so nominally 40 years of work, and 5 to 10 of retirement.
Of course today lots of people go off to college and won't enter the workforce until well into their 20s. They have better health options, were better nourished in formative years, smoke less and can legitimately expect to live into their 80s.
So there's this arbitrary retirement age, which is based on life factors, but somehow its uncool to adjust the retirement age.
Let me reframe your point. Gen Z will perhaps be the healthiest generation in history. With a life expectancy into the 90s. (nice).
> Slightly above ‘average’ inflation-levels, compounded over time, creating an intrinsic tax on wealth
Inflation is great for asset owners to be fair... If you own property or stocks inflation is very welcome thing. Inflation sucks if you earn a fixed wage with little bargaining power. Small businesses may also struggle to pass on the inflation on to consumers.
It's worth pointing out that it is not a tax on wealth, but a tax on both savings (held in cash) and lending (through reducing what paid back debt can buy).
Most forms of what people consider wealth track inflation, which is important because inflation is almost always a direct wealth transfer to a country's already wealthy, which makes the rich richer and the poor poorer.
