Earlier quoted context omitted.
Let's see how we handle going from a 4+:1 working:retired ratio to something closer to 1:1 though. It's very concerning, especially with all these "XX% of the population live pay-check to pay-check" articles. Up until now the whole system was relying on continuous growth to take care of the elderly (both physically and financially). It's a good thing in the long term, but it might suck big time short term wise.
I'm confused by your reference to people who live paycheck to paycheck. Shouldn't lower supply and higher demand for workers result in higher wages? At the same time, automation will result in lower demand. Hard to say which trend is more important. Combined, I would expect a lot fewer truck drivers and more healthcare workers.
Who's going to pay for the healthcare workers, if the old people don't have any savings or assets to pay them? If your answer is to tax the workers, that system will collapse if there's a 1:1 ratio of workers to retired people.