I say this as a senior, but another source of income seniors have -- which the young generations do not have -- is the "imputed income on owner-occupied housing". Imputed rental income is not cash income, but is the implicit rental income on housing less the costs landlords would pay (property taxes, water and maintenance). Essentially home costs for seniors are low, once the mortgage is paid off. 


Good article by Mr. Carrick, btw. 
-- David Murrell,  Economics, UNB at Fredericton