Modeling aging trends' regional impacts on pension liabilities and returns

[BenjaminS]

I'm a policy analyst working on a long-term strategic report for a national pension fund, and I'm trying to model the impact of global aging trends on future investment returns and liability structures over the next three decades. While the demographic data is clear, I'm struggling to translate broad trends into actionable economic and market assumptions. For economists or strategists who have worked on similar long-horizon models, what are the most significant secondary effects you've incorporated, such as shifts in savings rates, productivity impacts from an older workforce, or changes in demand for specific sectors like healthcare versus consumer goods? How do you account for regional variations, particularly between rapidly aging developed economies and younger emerging markets, in a global portfolio context?