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 2015, 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 nearly one-third received a regular payment from a pension or retirement savings plan. One out of five received income from earnings.
|
||
|
Source of income |
||
|
85% |
84% |
|
|
65 |
62 |
|
|
31 |
37 |
|
|
24 |
29 |
|
|
3 |
4 |
|
|
Veterans’ benefits |
4 |
5 |
|
No income (less than $2,500) |
2 |
N/A |
For More Statistics on the Income of Older Adults:
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Did You Know?
A 401(k) plan is a retirement savings plan in which the benefit is based on contributions to an individual account and the investment return on those contributions. Typically, employees make contributions to the plan and, in many cases, employers match the employees' contributions. These plans are called defined contribution plans. In most 401(k) and other retirement savings plans, the employee is responsible for choosing among the investments offered by the plan. Other types of retirement savings plans are 403(b) and 457 plans.
