The £61bn contributed to the economy by over-65s "redefines what it is to be an 'older person'" according to Age UK.
Caroline Abrahams, charity director of Age UK said the usefulness of those over the age of retirement should not be overlooked, particularly as Britain had an ageing population:
These figures demonstrate the huge contribution that older people are making to our economy.
To put them in perspective, local authorities in England currently spend considerably less - just under £10 billion - on social care for older people.
Many will be surprised by just how much older people contribute but it's time we appreciated that they are playing a more and more important part in creating our prosperity.
Older people bring a great deal of knowledge, skill and energy, as volunteers and as paid employees, and in doing so they are redefining what it means to be 'an older person'.
More top news
The Chancellor's younger brother Adam Osborne admitted having a two-year sexual relationship with a vulnerable patient.
Junior doctors could have a case to take the NHS to tribunal over new contracts being imposed upon them, an employment lawyer has warned.
Sunderland will not include winger Adam Johnson in their squad for their home game against Manchester United.