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 2019, the median income from financial assets, for the 65 percent of persons age 65 and older who had these assets, was $1,872 a year [Also: See Sources of Income].
| Table. 12. Income from financial assets for persons and aged units 65+ | ||
| Beneficiary group | Median amount | Year |
| Persons 65+ | $1,872 | 2019 |
| Aged units 65+ | $365 | 2014 |
Income from Earnings
In 2019, one out of four 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 $35,036 per year.
| Table 13. Median income of persons age 65 and older with income from earnings, by age | ||
| Age | Individuals, 2019 | Aged units, 2014 |
| 65+ | $35,036 | $35,000 |
| 65-69 |
$36,577 |
$41,000 |
| 70-74 | $30,000 | |
| 75+ | $26,245 | N/A |
| 80+ | N/A | $26,000 |
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. Information about SSI eligibility rules can be found here. Only three percent of people 65 and over received public assistance benefits in 2019 [See Sources of Income].
| Table 14. Median benefit for persons age 65 and older with income from public assistance, by age | |
| Age | Individuals, 2019 |
| 65+ | $6,875 |
| 65-74 | $6,839 |
| 75+ | $6,914 |
For More Statistics on the Income of Older Adults:
- Income of Older Adults from All Sources
- Income of Different Groups
- Sources of Income for Older Adults
- Income from Social Security
- Income from Pensions
- Explanation of Different Income Measures
Sources
Table 12. Income from Financial Assets for Persons and Aged Units Age 65 and Older
- Median Income for Aged Units: Social Security Administration, “Income of the Population 55 or Older: 2014,” April 2016, Table 7.A1.
Data: March 2015 Current Population Survey
Table 13. Median Income of Persons Age 65 and Older with Income from Earnings, by Age
- March 2019 Current Population Survey, PINC-08
- Median Income of Aged Units: Social Security Administration, “Income of the Population 55 or Older, 2014” April 2016.
Data: March 2015 Current Population Survey
Table 14. Median Benefit for Persons Age 65 and Older with Income from Public Assistance, by Age
