Government statistics on aging and income:
INCOME
The median income of older persons in 1998 was $18,166 for males and $10,504 for females. Real median income (after adjusting for inflation) grew more for women (+2.8%) than for men (0.7%) since 1997.
Households containing families headed by persons 65+ reported a median income in 1998 of $31,568 ($32,398 for Whites, $22,102 for African-Americans, and $21,935 for Hispanics). Approximately one of every seven (13.7%) family households with an elderly head had incomes less than $15,000 and 44.6% had incomes of $35,000 or more (figure 7).
Figure 7: Percent Distribution by Income: 1998*
Family households with head 65+
Under $10,000
6%
$10,000 - $14,999
8%
$15,000 - $24,999
23%
$25,000 - $34,999
19%
$35,000 - $49,999
18%
$50,000 - $74,999
13%
$75,000 and over
13%
$31,568 median for 11.5 million family households 65+
Persons 65+ Reporting Income
Under $5,000
8%
$5,000 - $9,999
28%
$10,000 - $14,999
21%
$15,000 - $24,999
21%
$25,000 - $34,999
9%
$35,000 - $49,999
6%
$50,000 and over
7%
$13,768 median for 31.7 million persons 65+ reporting income
Based on data from Current Population Reports, "Consumer Income," P60-206, issued September, 1999, by the U.S. Bureau of the Census
For all older persons reporting income in 1998 (31.7 million), 36% reported less than $10,000. Only 22% reported $25,000 or more. The median income reported was $13,768.
The major sources of income as reported by the Social Security Administration for older persons in 1996 were Social Security (reported by 91% of older persons), income from assets (reported by 63%), public and private pensions (reported by 43%), earnings (reported by 21%), and public assistance (reported by 6%).
In 1996, Social Security benefits accounted for 40%of the aggregate income of the older population. The bulk of the remainder consisted of earnings (20%), pensions (18%); and assets (18%).
The median net worth (assets minus liabilities) of older households ($86,300), including those 75+ years ($77,700), was well above the U.S. average ($37,600) in 1993. Net worth was below $10,000 for 16% of older households but was above $250,000 for 17%.
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