The following quote is from a NYT blog by Ezekiel Emanuel entitled Share the Wealth.
The story of older Americans is completely different. In 1959, over a third of those over age 65 were poor; today, only 9 percent are. Contrary to campaign rhetoric about old ladies on fixed incomes, many Social Security recipients are quite well-to-do: the median income of married couples between the ages of 65 and 69 is $61,000, and a quarter of these households bring in more than $100,000 each year.
This change is largely because of Social Security. What it means of course is that we have transferred wealth from younger to older Americans. The tax burden (nearing $4,000) on a typical family with median income of around $50,000 allows many of us seniors to do quite well. The median income for black families is $32,068.
All this and we get senior discounts at the movies, the bakery, public transit, many admissions, restrauants, golf, national parks, and we even get extra tax deductions. Talk about a world turned upside down on perpetuated stereotypes.
I wonder how many people realize that the Social Security benefit for a married couple can be as high as $48,000 a year for retirement in 2012. That is over 96% of the median family income in America or 76% of the average family income of about $63,000.
All you have to do to get on the gravy train is get old!