Income of Today’s Older Adults
As concern about the adequacy of the nation's retirement income programs moves to the forefront of public debate, policymakers and the public are looking to statistics to argue for or against the need for reform. Because there is a wide range of data from a variety of sources, the statistics can be confusing.
To help individuals understand the numbers, the Pension Rights Center worked with the Pension Policy Center to summarize government data on a series of related topics. The following information focuses on the income of today's older adults.
Income of All Older Adults from All Sources
In 2019, 52.5 million Americans were age 65 and older. Half of all older adults had less than $25,601 in yearly income from all sources.
In 2018, half of all older households received less than $43,696 in yearly income from all sources.
Income for older adults is also measured in terms of aged units. According to the most recent available numbers, half of all aged units had less than $30,193 in 2014. Read about the different measures of income.
|
||
Demographic unit |
Income
|
Year
|
Individuals |
2018 |
|
Households |
2018 |
|
Aged units |
2014 |
These statistics are “median” income figures. “Median” is a half-way point, where half of a group has more income and half has less.
There are also statistics for the “average” income of older adults. This measure, which is less widely used, adds up all of the incomes of the people surveyed and divides that figure by the number of people counted. The average or “mean” income of persons age 65 and older is higher than the median income because a significant number of older adults have very high incomes. Read about average income figures.
Income of Older Adults without Earnings
One out of five older adults have income from earnings. In 2018, the median income of the four-fifths of people age 65 and older who are fully retired was $20,440. The amounts were similar among all older age groups.
|
|
Age |
|
65+ |
$20,440 |
65-74 |
$20,363 |
65-69 |
$18,916 |
70-74 |
$21,849 |
75+ |
$20,511 |
For More Statistics on the Income of Older Adults:
Looking for help with your retirement plan?
If you have a problem with your retirement plan, free help may be available from the U.S. Administration on Aging's network of Pension Counseling and Information Projects. Find help now.
What's your story?
We're hearing from people around the country who are worried about cuts to their pensions. These are their stories.
PensionHelp America connects people who need help with their pension, 401(k), and other retirement plans with the pension counseling projects, legal services providers, and government agencies that can help answer their questions. Visit www.pensionhelp.org.
Roadmap to retirement
Let our roadmap to helpful information about retirement plans for private-sector workers put you on the path toward a secure retirement. Get started.
Get E-mail Updates
Did You Know?
In 2017, workers will be able to contribute up to $18,000 to their 401(k) plans. Workers age 50 and older can contribute $24,000. Employers can match those contributions up to a total employer-employee limit of $52,000. Check out our helpful fact sheet to learn the contribution limits for other retirement plans. Read the fact sheet.