Income is not a good measure of net worth.
Many seniors own their own home yet have very little income even though they may have a modest amount of savings while receiving substantial benefits, particularly medical.
What's worse is they show up on the poverty statistics because of their low income while being far better off than younger people who still have to pay for their housing and have no other assets or savings.
About 7% of US households have a net worth of greater than $1M (excluding their primary residence). And yes, young people who are working are subsidizing older, retired people. Of course, Social Security is bankrupt (i.e. has more liabilities than assets [the liabilities are kept off the balance sheet]) and the illusion that it still works is going to fail in the near future.