This article compares several characteristics of the black and white population aged 60 and older in March 1972. To distinguish race from economic-status effects the population is divided into quintiles of elderly units ranked by size of money income, and comparisons of selected demographic and economic characteristics are made within and across quintiles. Differences between social security beneficiaries and nonbeneficiaries are also analyzed to ascertain the effects of social security benefits. The educational and occupational disadvantages of blacks were evident even at the highest income level--a status more likely to be achieved by married black couples with both spouses working. Black elderly units were less likely than whites to have social security benefits, other government or private pensions, or income from assets. They were generally more likely to have earned income or to receive public assistance payments.