A Profile of Older Americans: 2006

Income

The median income of older persons in 2005 was $21,784 for males and $12,495 for females. Median money income of all households headed by older people rose by 2.8% from 2004 to 2005. Households containing families headed by persons 65+ reported a median income in 2005 of $37,765 ($39,402 for non-Hispanic Whites, $27,270 for African-Americans, $49,163 for Asians, and $26,681 for Hispanics). About one of every ten (9.2%) family households with an elderly householder had incomes less than $15,000 and 53.9% had incomes of $35,000 or more (Figure 7).

Figure 7: Percent Distribution by Income: 2005*

Figure Percent Distributiono by income in 2005 where the householder is 65 or older. Under $10,000 3.6 percent, between $10,000 and $14,999 5.6 percent, between $15,000 and $24,999 17.9 percent, between $25,000 and $34,999 19.0 percent, between $35,000 and $49,999 18.5 percent, between $50,000 and $74,999 17.1 percent, and $75,000 and over 18.3 percent

$37,765 median for 12.2 million family households 65+

Percent Distribution Persons 65 and older Reporting income in 2005. Under $5,000 5.0 percent, between $5,000 and $9,999 21.7 percent, between $10,000 and $14,999 21.1 percent, between $15,000 and $24,999 23.0 percent, between $25,000 and $34,999 10.7 percent, between $35,000 and $49,999 8.3 percent, and $50,000 and over 10.3 percent.

$15,696 median for 34.4 million persons 65+ reporting income

For all older persons reporting income in 2005 (34.4 million), 26.7% reported less than $10,000. Only 29.3% reported $25,000 or more. The median income reported was $15,696.

The major sources of income as reported by older persons in 2004 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 2004, Social Security benefits accounted for 39% of the aggregate income of the older population. The bulk of the remainder consisted of earnings (26%), asset income (13%), and pensions (19%). Social Security constituted 90% or more of the income received by 34% of beneficiaries (21% of married couples and 43% 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: 2005" P60-231, issued August, 2006 by the U.S. Bureau of the Census, related Census detailed tables on the Census Bureau website, and from Fast Facts and Figures About Social Security, 2005 Social Security Administration)

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AoA - Statistics - A Profile of Older Americans 2006 - Poverty

Last Modified: 11/23/2010 12:57:00 PM