As you outline it, it would of course appear as a risk in these next few years as more and more people retire if they're not able to sustain their standard of living. In the big picture, it would suggest that investing whatever savings you do have in the capital markets will allow those savings to latch onto that return on capital, as opposed to the earnings strain. That's why the convergence is usually presumed in our long-term model.
On April 29th, 2014. See this statement in context.