@maxdancona,
The problem is that first world people use an exponontially large portion of natural resources. You know that.
The elderly in 1st world countries have also not done enough to prepare financially for their later years, because they were busy using an obscene part of resources, which were not available to much of the world.
The elderly will be taken care of. They already had their children, who are middle aged or younger. You ask an older person why they had kids, more than likely part of the reason was so that these very people would care for them at this point. So let them.
The fact is, many of these children of the now elderly don't take care of their parents, so that dream was just a fantasy. Many are currently cared for by strangers primarily, and as the poplulation decreases, less of these people will be needed to care for someone else's parents. For those elderly who have no resources, and are frail, there is Medicaid. Not a life of luxury, but 3 squares, a bed to sleep in, a cleaner environment then they could keep for themselves, and others to monitor their health. The people caring for them would have chosen this career to care for the elderly, not born for the purpose of being the caretaker of someone who may or may not have been good to them.
The solution is not having more people born, but less, in particular in first world countries. The same amount, or more work can be done by fewer people in many sectors, and areas that produce consumables would be able to produce less.
We don't need a bigger boat. We need a smaller, more maneuverable one.