Income from Other Sources

Older adults also receive income from other sources, such as earnings from work, assets, and public assistance.

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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 2008, the median income from financial assets, for the 51 percent of persons age 65 and older who had these assets, was $1,054 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+

$1,054

2008

Aged units 65+

$1,500

2008

 

Income from Earnings

In 2008, one out of five 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 $20,000 per year. 

Table 13. Median income of persons age 65 and older with income from earnings, by age

Age

Individuals, 2008

Aged units, 2008

65+

$20,000

$25,000

65-69

$25,000

$33,000

70-74

$15,000

$22,000

75-79

$14,360

80+

$14,000

$16,000

 

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. Only three percent of people 65 and over received public assistance benefits in 2008 [See Sources of Income].

Table 14. Median benefit for persons age 65 and older with income from public assistance, by age

Age

Median benefit, 2008

65+

$4,488

65-69

$4,800

70-79

$4,106

80+

$4,560

 

  

For More Statistics on the Income of Older Adults:

  Note: Every effort has been made to include the latest available figures. If you know of more recent numbers, please let us know.