Income age 65 and over
rdan
Executive summary of EBRI stats on:
Income of the Elderly Population Age 65 and Over, 2005
• Latest data: This article reviews the latest available data on the older population’s income (age 65 and older), how it has changed over time, and the elderly’s reliance on these sources.
• Social Security still dominant: In 2005, Social Security was the largest source of income for those currently age 65 and older, accounting for 40.1 percent of their income on average. Pension and annuities income was 19.3 percent, income from assets 13.6 percent, and income from earnings 24.8 percent.
• Income levels: The median (mid-point) income level of the elderly population increased from $12,074 (in constant 2005 dollars) in 1974 to $15,422 in 2005. The average income of the elderly increased from $17,037 in 1974 to $24,418 in 2005.
• Gender differences: Elderly women get more of their income from Social Security (50 percent of income) than elderly men (33.3 percent). Elderly men derive a larger share of their income from employment-based sources, such as earnings (30.5 percent) than elderly women (16.4 percent).
Elderly women are deriving more income from employment-based sources over time, reflecting the growing presence of women in the work force.
I did not find data that included the current situation of pensions and such in this format.
Hey Angry, if you consider that the average portfolio lost almost 50%, you can almost cut those numbers in half from the EBRI report from 2005. Social security, the fund that has been plundered for three administrations now, accounts for only 50% of the income at retirement age, the other comes from retirees having to work (approx. 30% of men and 16% of women), the other is scattered, but primarily most of the retired will become financially dependent on their children to help them with their expenses.