alt Hacker NewsNo, this is not the case at the moment. The previous generation HAS paid lots of taxes, social insurance and retirement in order to pay for themselves. So let's not make up fantasies here.
Now will this be true going forward? Not sure, that's where you can argue.
Ultimately, old people need help with ~everything. A stack of dollar bills cannot care for you; it can only be used to pay other people to care for you.
If there are insufficient quantities of younger people to care for all the old people, no amount of money causes the system to work. Quality of life will go down.
Unless we figure out how to get the robots to do it.