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Statistics
A Profile of Older Americans: 2002
Income
The
median income of older persons in 2001 was $19,688 for males and
$11,313 for females. Real median income of older people (after
adjusting for inflation) fell by -2.6% since 2000.
Households
containing families headed by persons 65+ reported a median income
in 2001 of $33,938 ($34,661 for Whites, $26,610 for African-Americans,
and $24,287 for Hispanics). About one of every nine (10.7%) family
households with an elderly householder had incomes less than $15,000
and 48.1% had incomes of $35,000 or more (Figure 7).
Figure 7: Percent Distribution by Income: 2001
$33,936 median for 11.6 million family
households 65+
$14,152 median for 32.9 million persons
65+ reporting income
For all older
persons reporting income in 2001 (32.9 million), 31.8% reported
less than $10,000. Only 31.2% reported $25,000 or more. The median
income reported was $14,152.
The major sources
of income as reported by the Social Security Administration for
older persons in 2000 were Social Security (reported by 90% of
older persons), income from assets (reported by 59%), public and
private pensions (reported by 41%), and earnings (reported by
22%).
In 2000, Social
Security benefits accounted for 38% of the aggregate income of
the older population. The bulk of the remainder consisted of earnings
(23%), assets (18%), and pensions (18%).
(Based on data from Current
Population Reports, "Money Income in the United States: 2001,"
P60-218, issued September, 2002, by the U.S. Bureau of the
Census, related Census Internet releases, and from the 2001 Annual
Supplement to the Social Security Bulletin)
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