Nine-tenths of new fund flows are going to passive strategies, helped by a desire for low costs, the DOL fiduciary rule, and robo-advice. There's still a ton of money in active management, but “we see massive change happening,” said Jeff Levi of Casey Quirk by Deloitte.

Sure, there will be stresses to federal and state budgets as the Boomers—with their titanium hips, Van Morrison CDs and organic green tea supplements—push the envelope of human longevity. But that’s just demographics. It’s temporary.

“We see a very dramatic increase in the phenomenon of flat or falling incomes. The proportion of households that have been affected by this trend has virtually exploded, from less than 2% to as much as 65% to 70% of the population , in the past decade—from about 2005 to 2014.” — McKinsey senior partner Richard Dobbs and McKinsey Global Institute (MGI) partner Anu Madgavkar (from an August 2016 McKinsey & Co. podcast).