Not necessarily. The statement is carefully worded. It's not referring to "people who are getting government checks", but to people "who will vote for the president" and/or "who are dependent on government" (which doesn't necessarily mean getting an entitlement check -- but includes government employees, etc.)
"There are 47 percent of the people who will vote for the president no matter what," Romney is shown saying. "All right, there are 47 percent who are with him, who are dependent upon government...
Further, by context, Romney is clearly excluding anybody who is without a sense of government dependency -- which would include most social security and military retirement recipients.
He is instead referring to a dependent mentality...
Nice spin, but this is a negative and a real gaffe, and pretty darn insulting, or as National Review says “”Ultimately Romney’s division of the electorate has an odd Marxist twang to it, as if those dependent on government are simply voting their naked economic self-interest.””