Pensioners' incomes have grown faster since 1999 than those of working age people, the Institute for Fiscal Studies (IFS) has said.
According to the IFS' latest report, pensioners' incomes rose by 29.4% since 1999, while the incomes of non-pensioners rose by 26%.
The report said 40% of pensioners are in the top half of the income scale, compared to just 25% of pensioners 20 years ago.
More than 40% of pensioners are in the top half of the income scale now - 20 years ago, only 25% were in that category.
The report also said the government's latest round of spending cuts hit working age households harder than pensioners.
Reforms to tax breaks for the over-65s will cost each pensioner £316 per year, but working age households with children stand to lose £1,781 each, and those without children £715 each due to child benefit and other reforms, the think tank said.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till