Old people devastated reportedly? It's not right (9)

I believe the answer is:

incorrect

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'old people devastated reportedly?' is the definition.
I can't judge whether this definition defines the answer.

'it's not right' is the wordplay.
'it's not' becomes 'in' (this might be a standard abbreviation which I don't know about).
'right' becomes 'correct' ('correct' can be a synonym of 'right').
'in'+'correct'='INCORRECT'

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(Other definitions for incorrect that I've seen before include "Not accurate" , "False, wrong" , "Erroneous" , "Place of refuge" .)

I've seen this clue in The Telegraph.

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