As was the case with most groups in the US, the lives of the elderly got worse in the Great Depression. The rates of poverty for the elderly went up dramatically during that time. However, things were to start looking better for the elderly as the 1930s wore on. In 1935, Congress passed the Social Security Act. This law created the social security system that we now have, which was meant to provide a basic level of income to all retired people. However, that did not do much to help the elderly because the actual payments did not really start being made until after the 1930s were over.
Overall then, the Depression was bad for the elderly just like it was for everyone else. The creation of Social Security gave some hope, but did not solve the problems in the short term.