A Profile of Older Americans: 2010
The median income of older persons in 2009 was $25,877 for males and $15,282 for females. Median money income (after adjusting for inflation) of all households headed by older people rose 5.8% (statistically significant) from 2008 to 2009. Households containing families headed by persons 65+ reported a median income in 2009 of $43,702 ($45,400 for non-Hispanic Whites, $32,820 for Hispanics, $35,049 for African-Americans, and $47,319 for Asians). About 6.3% of family households with an elderly householder had incomes less than $15,000 and 62.6% had incomes of $35,000 or more (Figure 7).
Figure 7: Percent Distribution by Income: 2009
$43,702 median for 13.0 million family households 65+
$19,167 median for 37.3 million persons 65+ reporting income
For all older persons reporting income in 2009 (37.3 million), 19.8% reported less than $10,000 and 37.8% reported $25,000 or more. The median income reported was $19,167.
The major sources of income as reported by older persons in 2008 were Social Security (reported by 87% of older persons), income from assets (reported by 54%), private pensions (reported by 28%), government employee pensions (reported by 14%), and earnings (reported by 25%). In 2008, Social Security benefits accounted for 37% of the aggregate income of the older population. The bulk of the remainder consisted of earnings (30%), asset income (13%), and pensions (18%). 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: 2009” P60-238, issued September, 2010 by the U.S. Census Bureau, related Census detailed tables on the Census Bureau web site, and from Fast Facts and Figures About Social Security, 2010, Social Security Administration)
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