Sounds like an improvement actually. Less people leeching off the system, either through welfare, or by being rich enough to just sit and live off savings. A young person with money would be more likely to start a company rather than just retire. Their productivity would help everyone.

People that do survive would be healthier to begin with. There would be more room, and less pollution.

More research put into medicine would help everybody live healthier lives. The economy would be less ecologically harmful allowing nature to flourish. In San Francisco, wild foxes are already starting to wander through the city. Imagine what it would be like after 20 years of this.

Overall, a much better place.