Income from Other Sources

Older adults also receive income from other sources, such as earnings from work, assets, and public assistance.

Income from Assets

Older adults also receive income from savings accounts, certificates of deposit, stocks and bonds, retirement accounts (such as 401(k)s and IRAs), and other investments. Income from assets takes the form of interest, dividends, rents and royalties. In 2008, the median income from financial assets, for the 54 percent of persons age 65 and older who had these assets, was $1,054 a year [Also: See Sources of Income].

Income from Earnings

In 2008, one out of five persons age 65 and older had earnings from work [See Sources of Income]. The median earnings for persons age 65 and older with earnings was $20,000 per year. 

Income from Public Assistance

Public assistance for older adults consists mainly of Supplemental Security Income (SSI) and state general assistance programs. SSI is a Federal program that provides income assistance to aged, blind or disabled people who have little or no income. Only three percent of people 65 and over received public assistance benefits in 2008 [See Sources of Income].