Sources of Income for Older Adults

Today’s older adults typically have a number of sources of income. For most, the primary source of income is Social Security. Other sources are income from investments and other assets, pensions and other retirement plans, earnings from work and, for a small percentage, public assistance programs and veterans benefits.

In 2008, nearly nine out of ten people 65 and older received Social Security benefits. More than half received income from assets, such as stocks, bonds, and real estate, while one-third received a regular payment from a pension or retirement savings plan. One out of five received income from earnings.

Table 7. Percentage of adults 65 and older receiving income from specified sources
Source of income	Individuals, 2008	Aged units, 2008
Social Security	86%	87%
Assets	54	54
Pensions	35	41
Earnings	20	26
Public Assistance	3	4
Veterans’ benefits	3	4
No income (less than $1,000)	3	3

For More Statistics on the Income of Older Adults:

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Individual Retirement Accounts, or IRAs, are private accounts that allow individuals to save for retirement. Each type of IRA is governed by a unique set of rules that offer different tax benefits. Read our IRA fact sheets to learn about the different types of IRAs.