I think that is probably correct.There are 12 million people over 60. Not only do we, in aggregate, spend a lot of money, we generate so many jobs, not just the obvious ones in the care and medical sector but in every sector in the economy from food and clothing, to cars, the car parts needed to build and maintain them, the lorry drivers driving all these good around, warehouses and the staff, houses, electronic equipment, toys, children's clothes, holidays. You name it we consume it.
Then there is our contribution to the tax base. Average pensioner income is now £29,952 a year, while one-fifth have a higher than average weekly income of £936 or £48,672 a year, obviously this is an average and many people are on Pension Credit but it means many pensioners are still paying substantial amounts in tax each year. Then there is all the VAT, excise tax, council tax. Yes, we make a major contribution to the economy, probably as much as we cost.
Here is a link to a really interesting (yes, really) government statistical service paper on pensioner income assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/790535/pensioners-incomes-series-2017-18-report.pdf