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Old people in Japan should commit mass suicide says Yale professor
(thelifeinstitute.net)
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And that’s basically it!
Most European countries impremented comprehensive welfare states after the end of WW1 or WW2 despite their economies being in horrendous shape (and there being far less median wealth then than there is now).
That makes it obvious that this is an argument over spending priorities, not over affordability per se.
Median wealth is irrelevant, that's just money. You have to keep in mind that to produce goods and services that money can buy, you need people who can work. Right now we've still got more people working than not. This will not be the case forever.