"According to the European Commission, the number of people over the age of 60 is increasing by two million each year - twice as high as it was ten years ago. As it is, European Union governments spend ten percent of their gross domestic product on pensions, and that amount is set to grow. Currently (January 2013), some 120 million retired people live in the EU; that's about 24 percent of the population." (Quoted from article)