Sources of Income for those Aged 65 or Older,

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Presentation transcript:

Sources of Income for those Aged 65 or Older, 2004-2014 Kyle Burkhalter, FSA Social Security Administration

Income of the Population 55 or Older (2004 & 2014 Publications) Current Population Survey (March supplement), ~100,000 US households CPS questionnaire in 2014 modified to account for one-time withdrawals from retirement accounts, including 401(k) accounts; an improvement, but reduces comparability between editions Poverty from Census Bureau varies by family size but not by geography; CPI-U-indexed “Aged unit” = married couple living together (at least one of whom is 55 or older) and non-married persons 55 or older; age = age of husband if he is 55 or older

Social Security beneficiaries - demographics In 2014, 82.1 percent of persons aged 65 or older were Social Security beneficiaries (88.4 percent of persons aged 80 or older) In 2004, 88.2 percent of persons aged 65 or older were Social Security beneficiaries (91.2 percent of persons aged 80 or older) In 2014, of those who were Social Security beneficiaries, 33.7 percent aged 65+ lived alone (45.5 percent aged 80+ lived alone) Social Security beneficiaries aged 65+ were 55.8 percent female in 2014; increases to 60.9 percent female at ages 80+ Social Security beneficiaries had median family earnings of $32,200 in 2014, and $30,077 in 2004 (in CPI-adjusted 2014 $)

What other sources of income do Social Security beneficiaries rely on? 2004 2012 2014* Married couples with earnings income, 65+ 34.9 38.8 38.7 Nonmarried persons with earnings income, 65+ 12.9 13.8 14.2 Married couples with private pensions or annuities income, 65+ 39.1 35.7 51.0 Nonmarried persons with private pensions or annuities income, 65+ 26.4 25.0

What other sources of income do the aged provide to their families? 2004 2012 2014* Earnings as % of total income, 65 or older 26.3 33.9 32.2 Earnings as % of total income, 80 or older 6.8 12.7 11.7 Private pensions or annuities as % of total income, 65 or older 10.2 8.7 12.8 Private pensions or annuities as % of total income, 80 or older 11.4 10.6 15.6

Social Security benefits as percentage of income provided by those aged 65 or older 2004 2012 2014* Social Security as % of total income, 65 or older, all units 38.6 35.3 33.2 Social Security as % of total income, 65 or older, beneficiary units only 42.9 42.6 40.4 Social Security as % of total income, 80 or older, all units 52.9 50.4 46.1

Social Security as percentage of total income, by quintile of total income, for aged units 65 or older 2004 2014 1st Quintile (<$13,499) 82.6 80.7 2nd Quintile ($13,499-$23,592) 83.4 80.5 3rd Quintile ($23,592-$39,298) 66.6 61.2 4th Quintile ($39,298-$72,129) 47.5 39.4 5th Quintile (>$72,129) 18.9 15.4 Note: Quintile limits given are for 2014, for all aged units.

Social Security as percentage of total income, by quintile of total income, for beneficiary units aged 65 or older 2004 2014 1st Quintile (<$13,499) 92.1 93.7 2nd Quintile ($13,499-$23,592) 87.1 86.4 3rd Quintile ($23,592-$39,298) 70.9 67.6 4th Quintile ($39,298-$72,129) 52.5 46.2 5th Quintile (>$72,129) 26.9 23.7 Note: Quintile limits given are for 2014, for all aged units.

For how many are Social Security benefits most, or all, of their income? In 2014, for 17.0 percent of all aged units 65 or older, Social Security benefits were 100% of their income (22.2 percent for those aged 80 or older) For 52.8 percent aged 65+ and 66.1 percent aged 80+, it is 50%+ of income In 2004, for 19.5 percent of all aged units 65 or older, Social Security benefits were 100% of their income (24.8 percent for those aged 80 or older) For 60.1 percent aged 65+ and 72.6 percent aged 80+, it was 50%+ of income in 2004 These are data for ALL aged units; isolating Social Security beneficiary units results in slightly higher percentages

Social Security and poverty 7.3 percent of Social Security beneficiaries aged 65 or older were below the poverty line (9.1 percent of beneficiaries aged 80 or older) For 50.2 percent of persons in beneficiary families with family income under the 2014 Census Bureau poverty threshold, aged 65 or older, Social Security benefits are 100% of their income In 2014, median Social Security benefits for beneficiary units aged 65 or older was $17,760, or $1,480 per month According to the Center on Budget and Policy Priorities, the percent in poverty in 2014 over all ages excluding Social Security would have been 21.6 percent; including Social Security it was 14.8 percent For those aged 65 or older, from this same study, Social Security reduced the poverty rate from 41.5 percent to 10.0 percent