[Economic potential of the elderly: changes in wealth, income, and expenditures]

Changes of wealth, income, and expenditure under the aspect of the economic potential of the elderly are considered in this article. Overall, it is shown that it is necessary to take a skeptical view regarding the conclusions about an on-going positive development of the economic potential. On the one hand, the reduction of the statutory pension level will lead to a reduction of the household income because pensions from the statutory old age pension systems will continue be the main component of household income after retirement. On the other hand, the inequality of the old age income distribution will rise because of the different adjustments of old age income. The expenditures will change both the amount and the structure compared to today. Due to the reduction of the pension level and therewith the purchasing power, the amount of expenditures will decrease overall and the demand for luxuries will be lower. However, statements about the structural changes of consumption are hampered by the fact that not only material resources and the price of goods and services but other factors also influence demand. For example, the human capital of the elderly of the future will be different and cohort effects will potentially account for different demand behavior.