A Profile of
Older Americans: 2007
The median income of older persons in 2006 was $23,500 for
males and $13,603 for females. Median money income (after
adjusting for inflation) of all households headed by older people rose by 3.4%
from 2005 to 2006. Households containing families headed by persons 65+
reported a median income in 2006 of $39,649 ($41,091 for non-Hispanic Whites,
$30,775 for African-Americans, $43,035 for Asians, and $29,385 for Hispanics).
About one of every twelve (7.9%) family households with an elderly householder
had incomes less than $15,000 and 53.2% had incomes of $35,000 or more (Figure
Figure 7: Percent Distribution by Income:
$39,649 median for 12.4 million family households 65+
$17,045 median for 34.8 million persons 65+ reporting income
For all older persons reporting income in 2006 (34.8
million), 23.2% reported less than $10,000. Only
32.5% reported $25,000 or more. The median income reported was $17,045.
The major sources of income as reported by
older persons in 2005 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 2005, Social Security benefits accounted for 37% of the aggregate income of
the older population. The bulk of the remainder consisted of earnings
(28%), asset income (13%), and pensions (19%). Social Security constituted 90%
or more of the income received by 34% of beneficiaries (22% of married couples
and 42% 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: 2006" P60-233, issued August, 2007 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, 2007 Social Security
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AoA - Statistics - A Profile of Older Americans
2007 - Poverty