Statistics

Income

The median income of older persons in 2006 was $23,500 for males and $13,603 for females. Median money income (after adjusting for inflation) of all households headed by older people rose by 3.4% from 2005 to 2006.  Households containing families headed by persons 65+ reported a median income in 2006 of $39,649 ($41,091 for non-Hispanic Whites, $30,775 for African-Americans, $43,035 for Asians, and $29,385 for Hispanics).  About one of every twelve (7.9%) family households with an elderly householder had incomes less than $15,000 and 53.2% had incomes of $35,000 or more (Figure 7).

Figure 7: Percent Distribution by Income: 2006*

$39,649 median for 12.4 million family households 65+

$17,045 median for 34.8 million persons 65+ reporting income

For all older persons reporting income in 2006 (34.8 million), 23.2% reported less than $10,000. Only 32.5% reported $25,000 or more. The median income reported was $17,045.

The major sources of income as reported by older persons in 2005 were Social Security (reported by 89% of older persons), income from assets (reported by 55%), private pensions (reported by 29%), government employee pensions (reported by 14%), and earnings (reported by 24%).  In 2005, Social Security benefits accounted for 37% of the aggregate income of the older population.  The bulk of the remainder consisted of earnings (28%), asset income (13%), and pensions (19%).  Social Security constituted 90% or more of the income received by 34% of beneficiaries (22% of married couples and 42% of non-married beneficiaries).

(Based on data from Current Population Survey, Annual Social and Economic Supplement, "Income, Poverty, and Health Insurance Coverage in the United States: 2006" P60-233, issued August, 2007  by the U.S. Bureau of the Census, related Census detailed tables on the Census Bureau web site, and from Fast Facts and Figures About Social Security, 2007 Social Security Administration)

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AoA - Statistics - A Profile of Older Americans 2007 - Poverty