Income of the Aged Chartbook, 2014

Percentage with various levels of income, 2014
Income (dollars) Percentage of aged units
Less than 5,000 5.2
5,000 to 9,999 6.2
10,000 to 14,999 11.9
15,000 to 19,999 10.7
20,000 to 24,999 8.4
25,000 to 29,999 7.2
30,000 to 34,999 5.8
35,000 to 39,999 5.2
40,000 to 44,999 4.2
45,000 to 49,999 3.7
50,000 to 74,999 12.8
75,000 to 99,999 6.9
100,000 or more 11.9
NOTE: Totals do not necessarily equal the sum of the rounded components.
Median income, by age and marital status, 2014
Age All units Married couples Nonmarried persons
65 to 69 40,013 67,268 23,180
70 to 74 34,704 57,752 21,493
75 to 79 28,223 46,926 18,245
80 or older 22,232 40,266 17,940
 
Median income, by marital status, race, and Hispanic origin, 2014
Characteristic Income (dollars)
Marital status  
Married couples 54,860
Nonmarried persons 19,656
Race  
White alone 32,791
Black alone 19,381
Asian alone 22,020
Hispanic origin 17,000
 
Constant (2014) dollar median income, by marital status and race, selected years
Year Married couples Nonmarried persons White Black
1962 22,537 8,858 -- --
1967 23,908 9,257 13,481 9,526
1971 31,319 11,977 18,974 11,065
1976 32,827 13,979 20,553 12,440
1978 34,349 14,197 21,640 11,800
1980 34,534 13,733 21,318 11,664
1982 37,117 14,425 23,183 11,726
1984 39,304 15,243 24,972 12,463
1986 40,802 15,509 25,445 12,852
1988 40,633 15,865 26,249 12,613
1990 42,297 16,568 26,340 12,656
1992 40,188 16,121 25,351 12,593
1994 40,007 16,621 25,480 14,014
1996 42,163 17,053 25,581 14,559
1998 43,827 17,450 27,530 13,673
2000 42,876 17,480 27,207 16,955
2002 42,715 17,357 26,455 15,791
2004 43,738 17,544 27,194 15,669
2006 44,980 18,704 28,956 16,910
2008 47,376 18,425 28,783 18,205
2010 48,549 18,740 29,545 17,873
2012 50,345 18,868 30,817 19,848
2014 54,860 19,656 32,791 19,381
NOTE: -- = not available.
Percentage receiving income from specified source, 2014
Source of income Percent
Social Security 84.2
Asset income 61.8
Retirement benefits other than Social Security 43.8
Public and private 9.3
Public only 6.5
Private only 28.0
Earnings 28.8
Veterans' benefits 5.0
Cash public assistance 4.4
Noncash benefits 13.0
NOTE: Since the 2012 edition, changes have been made to the survey questionnaire that improved income reporting. Increases in the proportion of aged units receiving asset and pension income are likely in part attributable to the changes. Users are cautioned to consider this when making comparisons to prior years.
Percentage of aged beneficiary units receiving Social Security benefits, by relative importance of benefits to total income, 2014
All beneficiary units Beneficiary married couples Nonmarried beneficiaries
50% or more of income 61.1 47.8 70.7
90% or more of income 33.4 20.7 42.6
 
Percentage receiving income from earnings and pensions, by age, 2014
Age Earnings Private pensions Public pensions
65 to 69 49.3 31.0 14.9
70 to 74 31.2 40.8 17.0
75 to 79 19.4 42.7 16.1
80 or older 8.8 38.4 15.6
 
Percentage receiving income from major sources, by race and Hispanic origin, 2014
Major source of income White alone Black alone Asian alone Hispanic
Social Security 85.8 79.7 64.6 71.5
Asset income 65.3 39.4 49.4 33.1
Pensions 46.6 30.4 24.5 19.4
Earnings 29.5 23.1 28.8 26.4
SSI 3.2 8.6 11.0 10.1
NOTE: Since the 2012 edition, changes have been made to the survey questionnaire that improved income reporting. Increases in the proportion of aged units receiving asset and pension income are likely in part attributable to the changes. Users are cautioned to consider this when making comparisons to prior years.
Percentage receiving income from major sources, selected years
Year Social Security Pensions Asset income Earnings Cash public assistance
1962 69 18 54 36 13
1967 86 22 50 27 12
1971 87 23 49 31 10
1976 89 31 56 25 11
1978 90 32 62 25 10
1980 90 34 66 23 10
1982 90 35 68 22 8
1984 91 38 68 21 9
1986 91 40 67 20 7
1988 92 42 68 22 7
1990 92 44 69 22 7
1992 92 45 67 20 7
1994 91 42 67 21 6
1996 91 41 63 21 6
1998 90 43 63 21 5
2000 90 41 59 22 5
2002 90 41 55 22 5
2004 89 41 55 24 4
2006 88.5 41.3 54.9 24.6 3.7
2008 87.2 40.7 54.4 26.4 3.9
2010 86.3 39.7 51.9 26.3 3.7
2012 86.0 39.4 51.3 28.3 3.6
2014 84.2 43.8 61.8 28.8 4.4
SOURCE: March Current Population Survey, Survey of the Aged, and Survey of Demographic and Economic Characteristics of the Aged.
NOTE: Since the 2012 edition, changes have been made to the survey questionnaire that improved income reporting. Increases in the proportion of aged units receiving asset and pension income are likely in part attributable to the changes. Users are cautioned to consider this when making comparisons to prior years.
Percentage with various levels of income, by receipt of asset income, 2014
Income (dollars) With asset income Without asset income
Less than 10,000 5.1 21.3
10,000 to 19,999 14.2 36.1
20,000 to 29,999 14.5 17.5
30,000 or more 66.3 25.1
 
Median income, by receipt of earnings and retirement benefits, 2014
Receipt of retirement benefits With earnings With no earnings
No retirement benefits 60,009 29
One retirement benefit type 55,016 15,963
Two retirement benefit types 76,620 37,000
NOTE: Retirement benefit types are Social Security, Railroad Retirement, government pension, and private pension or annuity.
Shares of aggregate income for the lowest and highest income quintiles, by source, 2014
Source of aggregate income Percentage of aggregate income for lowest quintile Percentage of aggregate income for highest quintile
Social Security 80.7 15.4
Earnings 3.0 45.2
Pensions 3.0 22.3
Asset income 1.8 14.0
Cash public assistance 9.5 0.1
Other 2.0 3.0
NOTES: The quintile limits for aged units for 2014 are $13,499, $23,592, $39,298, and $72,129.
Totals do not necessarily equal the sum of the rounded components.
Shares of aggregate income, by source, selected years (in percent)
Year Social Security Pensions Asset income Earnings Other
1962 31 9 16 29 15
1967 34 12 15 29 10
1976 39 16 18 23 4
1978 38 16 19 23 4
1980 39 16 22 19 4
1982 39 15 25 18 3
1984 38 15 28 16 3
1986 38 16 26 17 3
1988 37.9 17.5 24.8 17.0 2.8
1990 36.4 18.3 24.5 17.7 3.1
1992 39.5 19.6 20.6 17.1 3.2
1994 42.1 18.7 17.6 18.0 3.6
1996 40.3 18.5 18.0 20.0 3.2
1998 37.6 18.7 19.9 20.7 3.1
2000 38.4 18.0 17.5 23.1 3.0
2002 39.4 19.0 13.6 24.9 3.1
2004 38.6 19.7 12.6 26.3 2.7
2006 36.7 17.9 14.9 27.8 2.7
2008 36.5 18.5 12.7 29.7 2.7
2010 36.7 18.6 11.4 30.2 3.1
2012 35.3 17.1 10.5 33.9 3.0
2014 33.2 20.9 9.7 32.2 4.0
SOURCE: March Current Population Survey, Survey of the Aged, and Survey of Demographic and Economic Characteristics of the Aged.
NOTES: Totals do not necessarily equal the sum of the rounded components.
Statistic was not produced in 1971.
Percentage with various levels of family income, 2014
Income (dollars) Percent
Less than 5,000 2.5
5,000 to 9,999 3.5
10,000 to 14,999 7.5
15,000 to 19,999 7.6
20,000 to 24,999 7.1
25,000 to 29,999 6.8
30,000 to 34,999 5.9
35,000 to 39,999 5.7
40,000 to 44,999 4.9
45,000 to 49,999 4.4
50,000 to 74,999 16.0
75,000 to 99,999 9.7
100,000 or more 18.2
NOTE: Totals do not necessarily equal the sum of the rounded components.
Family income of persons 65 or older tends to be higher than the income of aged units 65 or older because it includes income from all family members, not just a spouse. In addition, each elderly person counts individually rather than as part of a marital unit; statistics based on aged units give greater weight to nonmarried persons as compared to statistics based on persons.
Median family income, by sex and age, 2014
Age All persons Men Women
65 to 69 54,069 60,082 49,495
70 to 74 45,501 51,979 41,247
75 to 79 38,616 45,491 33,606
80 or older 31,368 39,064 26,496
NOTE: Family income of persons 65 or older tends to be higher than the income of aged units 65 or older because it includes income from all family members, not just a spouse. In addition, each elderly person counts individually rather than as part of a marital unit; statistics based on aged units give greater weight to nonmarried persons as compared to statistics based on persons.
Median family income, by sex, race, and Hispanic origin, 2014
Sex, race, or Hispanic origin Dollars
All persons 43,000
Men 50,319
Women 37,713
White alone 44,208
Black alone 30,059
Asian alone 53,495
Hispanic 35,123
NOTE: Family income of persons 65 or older tends to be higher than the income of aged units 65 or older because it includes income from all family members, not just a spouse. In addition, each elderly person counts individually rather than as part of a marital unit; statistics based on aged units give greater weight to nonmarried persons as compared to statistics based on persons.
Family income source, by sex, 2014
Source of income All persons Men Women
Social Security 86.0 85.6 86.4
Asset income 67.1 69.8 65.0
Retirement benefits other than Social Security 47.7 49.5 46.2
Earnings 40.2 43.4 37.6
Veterans' benefits 5.6 7.3 4.2
Cash public assistance 5.2 4.1 6.0
Noncash benefits 11.0 8.2 13.4
NOTES: Family income of persons 65 or older tends to be higher than the income of aged units 65 or older because it includes income from all family members, not just a spouse. In addition, each elderly person counts individually rather than as part of a marital unit; statistics based on aged units give greater weight to nonmarried persons as compared to statistics based on persons.
Since the 2012 edition, changes have been made to the survey questionnaire that improved income reporting. Increases in the proportion of aged units receiving asset and pension income are likely in part attributable to the changes. Users are cautioned to consider this when making comparisons to prior years.
Percentage of aged persons in families receiving Social Security benefits, by sex and relative importance of family benefits to family total income, 2014
All persons Men Women
50% or more of income 51.8 47.5 55.2
90% or more of income 24.7 21.3 27.4
NOTE: Family income of persons 65 or older tends to be higher than the income of aged units 65 or older because it includes income from all family members, not just a spouse. In addition, each elderly person counts individually rather than as part of a marital unit; statistics based on aged units give greater weight to nonmarried persons as compared to statistics based on persons.
Poverty status, by sex, marital status, race, and Hispanic origin, 2014 (in percent)
Sex, marital status, race, or Hispanic origin Poor Near poor
All persons 10.0 5.2
Men 7.4 4.1
Women 12.1 6.1
Married 5.0 2.5
Nonmarried 16.4 8.7
White alone 8.7 4.9
Black alone 19.2 8.5
Asian alone 14.7 4.9
Hispanic 18.1 10.3
 
Poverty status, by age, 2014 (in percent)
Age Poor Near poor
65 to 69 8.6 4.1
70 to 74 8.9 4.2
75 to 79 11.1 5.5
80 or older 12.2 7.8