Is America a "gerontocracy"?

"[T]he 27 percent of the population older than age 50 commands a disproportionate share of the nation's wealth. Generations expert Ken Dychtwald, author of 'Age Power,' found that medical and technological advances, lengthening lifespans and pensions and entitlement programs have fostered a gerontocracy. This 50-Plus group controls: (1) about 70 percent of all wealth held by individuals; (2) nearly 80 percent of all financial assets; (3) more than 40 percent of all mutual funds; (4) approximately 60 percent of all annuities and retirement funds; and (5) more than three-quarters own their own homes." "Hey Baby Boomers: You're Still Relevant So Claim Your Power" Chicago Tribune