Today, the U.S. Census Bureau released a new report that examines older householders’ sources of income, the amounts of this income, and how much each source of income contributes to total income. The report focuses on six types of income (Social Security, Supplementary Security Income (SSI), pensions and retirement accounts, property income, earnings, and other income).
Highlights
- Among all households with a householder age 65 or over, Social Security accounts for just over half of total income. Earnings income is the second-largest source at 19.3% of total income, followed by pension and retirement account income at 17.2% of total income.
- Income from Social Security is common across the entire income distribution.
- SSI receipt is most common among the lowest income households.
- Pension and retirement account income, property income, and earnings generally increase in prevalence at higher points of the income distribution.
The analysis uses data from the 2018 Survey of Income and Program Participation (SIPP), which asked respondents about their income during 2017, and focuses on households where a person age 65 or over is the householder. Household income is adjusted to account for varying household size and composition. The report also presents estimates of personal income for those age 65 or over who are living with their adult children.
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