This article describes a large research project where some of the policy implications flow fairly readily, but where others are proving to be far more contested. The research project is an elaborate study of the living standards of older New Zealanders. The study shows that with few exceptions, older New Zealanders appear to be living well, and that they themselves agree with this conclusion. But, the author questions, if older people are faring rather well, what does that tell us about policy directed towards younger people? He discusses the study, its findings, and why it is easy to misinterpret the policy implications particularly in relation to generational equity.