Income of the Aged Chartbook, 2001

 
Percentage receiving income from specified source, 2001
Source of income Percent
Social Security 91
Asset income 58
Retirement benefits other than Social Security 40
Public and private 3
Public 12
Private 26
Earnings 22
Public assistance 5
Veterans' benefits 4
 
Percentage receiving income from earnings and pensions, by age, 2001
Age Earnings Private pensions Public pensions
65 to 69 43 28 14
70 to 74 25 31 14
75 to 79 14 31 15
80 or older 6 26 14
 
Percentage receiving income from major sources, by race and Hispanic origin, 2001
Source of income White Black Hispanic
Social Security 92 84 78
Asset income 62 29 26
Pensions 42 30 19
Earnings 22 21 19
Supplemental Security Income 3 11 14
 

Change in percentage receiving income from major sources, selected years

This line chart shows the change in receipt of Social Security, asset income, pensions, earnings, and public assistance from 1962 to 2001. In 1962, 69% of the aged received Social Security. This percentage increased sharply over the next five years, reaching 86% in 1967. It then continued to increase slightly over the next ten years. The percentage receiving Social Security varied little between 1978 and 2001, ranging from 90 to 92. Fifty-four percent had asset income in 1962. That percentage declined to a low of 49 in 1971, rose to a high of 69 in 1990, and then steadily declined to 58 in 2001. The percentage receiving pensions rose steadily from 18 in 1962 to a high of 45 in 1992, and declined slightly to 40 in 2001. The percentage with earnings starts at 36 in 1962, drops sharply to 27 in 1967, rises to 31 in 1971, and then drops to 22 in 1982. Between 1982 and 2001, the percentage receiving earnings has ranged between 20 and 22. Fourteen percent received public assistance in 1962. That percentage drops fairly steadily to 10 in 1980, and continues to further decline to 5 in 2001.

Percentage with various levels of income, 2001
Income (dollars) Percentage of aged units
Less than 5,000 5
5,000 to 9,999 16
10,000 to 14,999 18
15,000 to 19,999 13
20,000 to 24,999 9
25,000 to 29,999 7
30,000 to 34,999 6
35,000 to 39,999 5
40,000 to 44,999 3
45,000 to 49,999 3
50,000 or more 15
 
Percentage with various levels of income, by receipt of asset income, 2001
Income (dollars) With asset income Without asset income
Less than 10,000 9 39
10,000 to 19,999 27 38
20,000 to 29,999 20 12
30,000 or more 45 12
 
Median income, by receipt of earnings and retirement benefits, 2001
Number of retirement benefits Median income (dollars)
With earnings Without earnings
No benefits 33,708 0
One benefit 34,703 11,921
Two benefits 46,359 25,896
 

Change in median income, by marital status and race, selected years

This line chart shows the change in median income in year 2001 dollars for married couples, nonmarried persons, whites, and blacks from 1962 to 2001. Income for married couples remained fairly level from 1962 to 1967 (16,860 dollars to 17,885 dollars). It then sharply increased to 23,430 dollars in 1971 and continued to steadily rise with some slight ups and downs until it leveled off at 32,592 dollars in 2001. Income for nonmarried persons begins at 6,627 dollars in 1962 and rises very slowly over the entire time period, ending at 12,995 dollars in 2001. For white persons, the 1967 amount of 10,085 dollars, rises to 14,194 dollars in 1971. It keeps rising steadily without much fluctuation to 19,993 dollars in 2001. The amount for black persons begins at 7,126 dollars in 1967 and rises slowly through 1999. In 2000, it increases sharply and then levels off at 12,369 dollars in 2001.

Shares of aggregate income for the lowest and highest income quintiles, by source, 2000
Source of income Percentage in
lowest quintile
Percentage in
highest quintile
Social Security 82 19
Pensions 3 20
Asset income 2 23
Earnings 1 36
Public assistance 9 0
Other 2 2
 

Change in shares of aggregate income, by source, selected years

This line chart shows the change in shares of aggregate income from Social Security, asset income, pensions, earnings, and other income from 1962 to 2001. In 1962, the share of aggregate income from Social Security was 31%. That percentage rose to a high of 42 in 1994, but then declined to 38 in 1998. The aggregate percentage from Social Security in 2001 is 39. The aggregate share from asset income was 16 in 1962, rose to a high of 28 in 1984, but then fell to 16 in 2001. The share of aggregate income from pensions was 9 in 1962. The share of pension income rose to a high of 20 in 1992, and has fallen slightly since then, with 18 percent of aggregate income coming from pensions in 2001. In 1962, earnings composed 29 percent of aggregate income, and then declined to a low of 16 in 1984. The share from earnings then steadily rose to 24 percent of aggregate income in 2001. The share of aggregate income from other sources was 16 in 1962, then fell sharply over the next 14 years. The aggregate share of other income sources has been around 3 since the early 1980s.

Poverty status, by age, 2000
Age Percentage poor Percentage near poor
65 to 69 9 5
70 to 74 9 6
75 to 79 10 7
80 or older 12 8
 
Poverty status, by marital status, sex of nonmarried persons, race, and Hispanic origin, 2001
  Percentage poor Percentage near poor
Married persons 4 4
Nonmarried men 14 9
Nonmarried women 18 10
White 9 6
Black 22 10
Hispanic 22 11