Yes, Golden Age Passports are valid for a lifetime and are equivalent to the new Senior Pass, which is honored at all national parks and federal public recreation lands. 

The Senior Pass admits pass owner/s and passengers in a non-commercial vehicle at areas where a per-vehicle fee is charged, and the pass owner plus 3 adults, not to exceed 4 adults, where per-person fees are charged. (Children under 16 are always admitted free.) Note: Photo identification will be requested to verify pass ownership.

The Forest Service, the National Park Service, Fish and Wildlife Service, Bureau of Land Management, and Bureau of Reclamation honor the Senior Pass at sites where Entrance or Standard Amenity Fees are charged.

More information is available at usgs.gov.