Income for the Population Aged 65 and Older: Evidence from the Health Retirement Study (HRS)

Income for the Population Aged 65 and Older: Evidence from the Health Retirement Study (HRS)

Income for the Population Aged 65 and Older: December 16, 2022
Evidence from the Health Retirement Study
Zhe Li
(HRS)
Analyst in Social Policy

Congress has expressed interest in improving retirement income security for older Americans.
Paul S. Davies
Median household income (which lies at the middle of the household income distribution) for
Specialist in Income
individuals aged 65 and older (or aged individuals) was $51,906 in 2017. However, one-fifth of
Security
individuals aged 65 and older had household incomes of less than $21,840, and one-fifth had

household incomes of $110,897 or more. Household income for the married, which includes
partnered households, is the sum of income from each spouse in the household; household

income for single persons (i.e., those widowed, divorced or separated, and never married) is their
personal income.
Older Americans receive income from public programs such as Social Security (formally known as Old-Age, Survivors, and
Disability Insurance, or OASDI) and Supplemental Security Income (SSI), earnings, pensions and retirement savings, asset
income, and others. This report addresses the number and proportion of aged individuals who received household income
from each source and the amount received, using the 2018 Health and Retirement Study (HRS) linked with administrative
data from the Social Security Administration (SSA). Income reflects the annual amount received in 2017.
Social Security was the most common source of income among the aged in 2017. Approximately 93% of individuals aged 65
and older received household income from Social Security. The median annual household Social Security benefit amount
was $22,080. Social Security was the largest single-source of income among the aged, representing approximately 28% of
aggregate income for individuals aged 65 and older in 2017. Social Security accounted for about 83% of aggregate income
for aged individuals in the bottom 20% of the household income distribution, compared to 11% of aggregate income for aged
individuals in the top 20% of the household income distribution.
Share of Aggregate Income from Each Source for Individuals Aged 65 and Older by Household Income
Quintile, 2017

Source: CRS analysis of the 2018 Health and Retirement Study (HRS).
Notes: Each household income quintile represents 20% of the individuals. The 1st quintile includes those with the lowest household
income. The 5th quintile includes those with the highest household income. Household income quintile limits: $21,840, $39,700,
$64,295, $110,897. Pensions and retirement savings: Defined Benefit (DB) and Defined Contribution (DC) pension plans, Individual
Retirement Accounts (IRAs). Asset income: business income, interest, dividends, rents. Other income: veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, financial assistance from outside the household. Public
assistance: SSI, other welfare income. Values have been adjusted for population weights provided by the HRS. Individual components
may not sum to 100% due to rounding.

About 60% of individuals aged 65 and older received household income from pensions, annuities, and Individual Retirement
Accounts (IRAs). The median household amount among recipients was $18,000. Pensions and retirement savings accounted
for 26% of aggregate income for all individuals aged 65 and older, compared to 6% of aggregate income for those in the
bottom 20% of the household income distribution.
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Income for the Population Aged 65 and Older

About 55% of individuals aged 65 and older received household income from assets (business income, interest, dividends,
rent) in 2017. The median amount was $1,400. Asset income accounted for 2% of the aggregate income of aged individuals
in the bottom 20% of the household income distribution, compared with 20% among those in the top 20% of the household
income distribution.
About 59% of individuals aged 65 to 69 received household income from earnings in 2017, compared with 25% of those
aged 70 and older. The median household earnings among all older workers was $32,000. The percentage of aggregate
income from earnings was 3% for those in the bottom 20% of the household income distribution, compared with 33% for
those in the top 20% of the household income distribution.
About 8% of individuals aged 65 and older received household income from public assistance (mainly SSI) in 2017, with a
median annual amount of $1,764. Public assistance accounted for over 10% of aggregate income for aged individuals in the
bottom 20% of the household income distribution.

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Contents
Introduction ..................................................................................................................................... 1
Data: Health and Retirement Study (HRS)...................................................................................... 3
Income Sources for Individuals Aged 65 and Older........................................................................ 6
Social Security .......................................................................................................................... 7
Pensions and Retirement Savings ............................................................................................. 8
Asset Income ........................................................................................................................... 10
Earnings .................................................................................................................................. 10
Public Assistance ..................................................................................................................... 10
Other Income ............................................................................................................................ 11
Income for Aged Individuals, by Marital Status............................................................................. 11
Income for Aged Individuals, by Household Income Quintiles .................................................... 14
Income for Aged Individuals, by Race/Ethnicity .......................................................................... 17
Income for Aged Individuals, by Age Groups ............................................................................... 19
Income Dependency on Social Security Benefits .......................................................................... 22

Figures
Figure 1. Share of Aggregate Income from Each Source Among Individuals Aged 65 and
Older, 2017 ................................................................................................................................... 6
Figure 2. Median Household Income for Individuals Aged 65 and Older by Marital
Status, 2017 ................................................................................................................................ 12
Figure 3. Share of Individuals Aged 65 and Older That Received Household Income from
Each Income Source by Marital Status, 2017 ............................................................................ 13
Figure 4. Share of Aggregate Income from Each Income Source Among Individuals Aged
65 and Older by Marital Status, 2017 ......................................................................................... 14
Figure 5. Share of Individuals Aged 65 and Older That Received Household Income from
Selected Source by Household Income Quintile, 2017 .............................................................. 15
Figure 6. Share of Aggregate Income from Each Source Among Individuals Aged 65 and
Older by Household Income Quintile, 2017 .............................................................................. 16
Figure 7. Median Household Income for Individuals Aged 65 and Older by
Race/Ethnicity, 2017 .................................................................................................................. 17
Figure 8. Share of Individuals Aged 65 and Older That Received Household Income from
Each Income Source by Race/Ethnicity, 2017 ........................................................................... 18
Figure 9. Share of Aggregate Income from Each Income Source Among Individuals Aged
65 and Older by Race/Ethnicity, 2017 ........................................................................................ 19
Figure 10. Median Household Income for Individuals Aged 65 and Older by Age Group,
2017 ............................................................................................................................................ 20
Figure 11. Share of Individuals Aged 65 and Older That Received Household Income
from Each Income Source by Age Group, 2017 ........................................................................ 21
Figure 12. Share of Aggregate Income from Each Income Source Among Individuals
Aged 65 and Older by Age Group, 2017 .................................................................................... 21
Figure 13. Percentage of Individuals Aged 65 and Older by Selected Proportion of
Household Income from Social Security Benefits, 2017 ........................................................... 24
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Tables
Table 1. Individual Income and Household Income for Individuals Aged 65 and Older,
2017 .............................................................................................................................................. 5
Table 2. Share of Individuals Aged 65 and Older in Households That Received Income,
and Median Amount of Household Income, by Income Source, 2017......................................... 7

Table A-1. Percentage of Individuals Aged 65 and Older That Received Household
Income and the Distribution of Household Income by Source of Income, 2017 ....................... 26
Table A-2. Percentage of Individuals Aged 65 and Older That Received Household
Income from Each Income Source by Source of Income, Marital Status and Household
Income Quintile, 2017 ................................................................................................................ 27
Table A-3. Percentage of Aggregate Income from Each Income Source Among
Individuals Aged 65 and Older by Marital Status and Household Income Quintile, 2017 ........ 28
Table A-4. Percentage of Individuals Aged 65 and Older That Received Household
Income by Source of Income, Marital Status, and Race/Ethnicity, 2017 ................................... 30
Table A-5. Percentage of Aggregate Income from Each Income Source Among
Individuals Aged 65 and Older by Marital Status and Race/Ethnicity, 2017 ............................. 31

Appendixes
Appendix. Additional Income Tables for Individuals Aged 65 and Older .................................... 26

Contacts
Author Information ........................................................................................................................ 33

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Income for the Population Aged 65 and Older: Evidence from the Health Retirement Stud

Introduction
Older individuals receive income from a variety of sources, including public programs such as
Social Security (formally known as Old-Age, Survivors, and Disability Insurance, or OASDI) and
Supplemental Security Income (SSI), as well as pensions and retirement savings, earnings,
interests and dividends. Because Americans aged 65 and older (or aged individuals) represent a
large and growing proportion of the U.S. population, and because much of their income is
provided through government-sponsored social insurance or income transfer programs or is
subsidized through income tax deductions and deferrals, the sources and amounts of income
among older Americans are important in congressional policy discussions.
Americans are living longer than they were four decades ago. In 1975, the average number of
years a 65-year old American could expect to live was 14.2 years for men and 18.7 years for
women. In 2022, the Social Security Board of Trustees estimated that individuals attaining age 65
in 2022 will live for an average of 19.1 years for men and 21.7 years for women.1 As the
relatively larger number of individuals born from 1946 through 1964 (or baby boomers) live into
old ages, together with the aging population more generally, the age profile of the population
shifts. In 2021, there were about 57.8 million Americans aged 65 and older, representing 17.3%
of the population. By 2040, according to projections made by the U.S. Census Bureau, there will
be 80.8 million people aged 65 and older, constituting 21.6% of the U.S. population.2
Federal expenditures for retirement income of older Americans are also a large proportion of total
federal spending. In FY2023, for example, federal expenditures for Social Security3 will be
approximately $1.31 trillion, representing more than 23% of total federal spending and nearly
36% of federal spending on entitlement programs.4 The federal government also provides income
directly to low-income older Americans through the SSI program5 and to retired federal
employees through the Civil Service Retirement System and the Federal Employees’ Retirement
System.6 In addition, the public also subsidizes the income of older Americans through several
tax deferrals and deductions in the Internal Revenue Code.7 These tax incentives are designed to
promote sponsorship of pension plans by employers and encourage workers to save for
retirement. The tax deductions and deferrals granted to qualified retirement plans are one of the

1 Social Security Board of Trustees, The 2022 Annual Report of the Board of Trustees of the Federal Old-Age and
Survivors Insurance and Federal Disability Insurance Trust Funds, 2022, Table V.A5,https://www.ssa.gov/OACT/TR/
2022/lr5a5.html (hereinafter, “Social Security 2022 Annual Report”). The estimates are cohort life expectancy under
the trustees’ intermediate assumptions. The cohort life expectancy at a given age for a given year is the average
remaining number of years expected prior to death for a person at that exact age, born on January 1, using the mortality
rates for the series of years in which the individual will actually reach each succeeding age if he or she survives.
2 See U.S. Census Bureau, 2017 National Population Projections Datasets, Table 1, at https://www.census.gov/data/
datasets/2017/demo/popproj/2017-popproj.html.
3 See CRS Report R42035, Social Security Primer, by Barry F. Huston.
4 See Office of Management and Budget (OMB), Budget of the United States Government, Fiscal Year 2022, Table S-
3, https://www.govinfo.gov/content/pkg/BUDGET-2023-BUD/pdf/BUDGET-2023-BUD.pdf. In August 2022, about
80% of Social Security beneficiaries were 65 years of age and older. See Social Security Administration (SSA),
Monthly Statistical Snapshot, August 2022, Table 1, at https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/.
5 See CRS In Focus IF10482, Supplemental Security Income (SSI), by William R. Morton.
6 See CRS Report 98-810, Federal Employees’ Retirement System: Benefits and Financing, by Katelin P. Isaacs, and
CRS Report 98-972, Federal Employees’ Retirement System: Summary of Recent Trends, by Katelin P. Isaacs.
7 Examples include the Employee Retirement Income Security Act (ERISA, P.L. 93-406) and the Revenue Act of 1978
(P.L. 95-600).
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largest tax expenditures in the federal budget and will reduce federal tax revenues by an estimated
$184 billion in FY2023.8
Congress may be interested in the sources and amounts of income among aged individuals, given
that current and projected limitations of social insurance and retirement programs may affect
retirement income security among the older population. For example, Social Security is facing a
projected long-range funding shortfall.9 The Social Security trust funds began to decline in 2021
and the Board of Trustees project that the asset reserves will be depleted in 2035. After depletion
of trust fund reserves, the program’s continuing income would be sufficient to pay 80% of
benefits scheduled under current law in 2035, declining to 74% of scheduled benefits in 2096.10
Moreover, Social Security provides benefits to most retirees, and many aged individuals rely on
Social Security benefits for a substantial portion of their income. However, the benefit amounts
for certain individuals are below the poverty line, such as some long-term low-wage earners.11 In
addition, Congress has expressed interest in policies affecting pensions and retirement savings as
the pension landscape has changed in recent decades. In the private sector, employer-sponsored
defined benefit (DB) pension plans, which guarantee retirees a lifetime stream of cash benefits,
have largely been replaced by defined-contribution (DC) retirement plans, such as 401(k) plans,
in which retirement income is based on funds that accumulate in a worker’s account.12 However,
data from Internal Revenue Service (IRS) tax statistics has shown that about half of taxpayers
with wage income did not have access to DC plans between 2008 and 2017.13
Additionally, the sources and amounts of income for aged individuals vary substantially by
demographic and socioeconomic characteristics. Understanding income disparities among aged
individuals could help identify vulnerable populations and identify targeted policy options. For
example, research has shown large and persistent disparities in retirement income and wealth
across socioeconomic characteristics.14 Evidence also shows that Social Security and SSI
accounted for a larger share of total income among lower-income individuals aged 65 and older,15
and DB pensions remain a vital resource for those who expect such income in retirement, which
is about 18% of White families, 18% of Black families, and 12% of Hispanic families with heads
aged 40 to 59 in 2019.16

8 OMB, Budget of the United States Government, Fiscal Year 2023: Analytical Perspectives, Table 13-1, at
https://www.govinfo.gov/content/pkg/BUDGET-2023-PER/pdf/BUDGET-2023-PER.pdf. Other large tax expenditures
in the federal budget may include the exclusion of employer contributions for medical insurance premiums and medical
care. Congress also allows taxpayers aged 65 and older to claim an additional standard deduction on their income tax
returns. This deduction will reduce federal tax revenues by an estimated $6.5 billion in FY2023.
9 See CRS In Focus IF10522, Social Security’s Funding Shortfall, by Barry F. Huston.
10 Social Security 2022 Annual Report.
11 See CRS Report R43615, Social Security: Minimum Benefits, by Zhe Li.
12 See CRS Report R43439, Worker Participation in Employer-Sponsored Pensions: Data in Brief, by John J.
Topoleski and Elizabeth A. Myers.
13 Karen E. Smith, C. Eugene Steuerle, and Damir Cosic, Preparing for Retirement Reforms: Potential Consequences
for Saving, Work, and Retirement Plans, the Urban Institute, October 2021.
14 Government Accountability Office, Retirement Security: Income and Wealth Disparities Continue Through Old Age,
GAO-19-587, August 2019.
15 Adam Bee and Joshua Mitchell, Do Older Americans Have More Income Than We Think?, Census Bureau, SESHD
Working Paper no. 2017-39, July 2017, at https://www.census.gov/content/dam/Census/library/working-papers/2017/
demo/SEHSD-WP2017-39.pdf.
16 Jeffrey Thompson and Alice Henriques Volz, A New Look at Racial Disparities Using a More Comprehensive
Wealth Measure, Federal Reserve Bank of Boston, Current Policy Perspective, August 16, 2021.
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This report describes household income for individuals aged 65 and older, based on data from the
2018 Health and Retirement Study (HRS) linked with administrative data from the Social
Security Administration (SSA); 2018 is the most recent survey year for which the linked data
were available. Analysis focuses on the sources and amounts of income received in the prior
calendar year (2017) by aged individuals, the number and proportion of people receiving
household income from each source, and the amounts of income they receive from each source.
The report also shows how income received by aged individuals differs by marital status, age
group, race/ethnicity, and household income level. Since policymakers may be interested in how
the Social Security program affects the household income of the older population, this report also
discusses the proportion of individuals aged 65 and older who substantially depend on Social
Security income and the characteristics of those individuals.17
Data: Health and Retirement Study (HRS)
This report uses data from the 2018 HRS, reflecting income sources and amounts received in
calendar year 2017. Administrative records from the SSA, linked to the HRS at the individual
level, provide data on the receipt and amount of Social Security benefits, SSI payments, earnings,
and self-employment income.
The HRS has become a leading source of data on aging in America.18 A longitudinal, nationally-
representative survey of the population over age 50, the HRS core survey is conducted by the
University of Michigan’s Institute for Social Research (Michigan/ISR) every two years through a
combination of face-to-face and telephone interviews. Information is collected at both the
individual and household levels on a wide-range of topics including health, health services, labor
force involvement (work, earnings, retirement, disability), economic status (income sources and
amounts, wealth by asset type, Social Security, pensions), family structure, and expectations. The
household level data for married individuals include information from each spouse in the
household. Every six years, a new six-year birth cohort is added to the HRS sample to maintain
its representation of the older population. In any given wave of data collection, the HRS includes
about 20,000 respondents. In total, over 43,000 respondents have participated in the HRS since its
inception in 1992. This report utilized the so-called RAND HRS data files, which are a series of
publicly-available, user-friendly HRS data files produced by RAND to improve the ease-of-use of
the HRS and to promote the quality and consistency of the HRS data through standardized
naming conventions, definitions, and documentation across HRS waves.19
HRS respondents are asked to provide written consent to authorize SSA to release Social Security
and SSI benefits and earnings records to Michigan/ISR for research purposes. Across all waves of
the HRS, roughly 70% of respondents have provided such consents. The linked HRS-SSA data
may be accessed by authorized researchers with approved research projects, subject to a number

17 Individuals with the same cash income may have different levels of financial assets or wealth, home ownership, and
non-cash benefits from government transfer programs (such as school lunch, Medicaid, and Low-Income Home Energy
Assistance Program), which are also factors that affect a person’s economic well-being. This report does not address
these other factors. In addition, this report does not discuss the question of retirement adequacy or whether the income
level is sufficient to meet retirement needs.
18 University of Michigan, Institute for Social Research (ISR), The Health and Retirement Study: Aging in the 21st
Century, January 2017, https://hrsonline.isr.umich.edu/sitedocs/databook/inc/pdf/HRS-Aging-in-the-21St-Century.pdf.
19 RAND, “RAND HRS Data Products,” https://www.rand.org/well-being/social-and-behavioral-policy/centers/aging/
dataprod.html. See also Health and Retirement Study (HRS), “RAND HRS Data Products,”
https://hrsdata.isr.umich.edu/data-products/rand.
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of constraints and disclosure protections proscribed by Michigan/ISR.20 The combination of the
richness of the HRS survey data with the details of SSA’s benefits and earnings records is
beneficial for a wide variety of research applications, including analysis of the income of the
population 65 or older.21
In the sample of 2018 HRS respondents aged 65 or older, this report used SSA administrative data
on Social Security and SSI benefits and earnings and self-employment income in place of HRS
survey reported measures for respondents who authorized their records to be released to
Michigan/ISR. If administrative records were not available (generally for respondents who did
not authorize SSA to release their records to Michigan/ISR), this study used the survey reported
measures. Roughly 70.9% of respondents in this study had linked SSA administrative records on
Social Security benefits, while 12.4% had linked records on SSI benefits and 7.1% had linked
records for earnings or self-employment income. The HRS survey data provide all other income
measures. Population weights provided by the HRS are applied to all reported estimates.22
This report defines age and other demographic variables (gender, race/ethnicity, marital status) as
of the survey date. Income measures pertain to one year before the survey year (i.e., 2017).
Household income for married individuals is the sum of income from each spouse in the
household,23 and for single persons (e.g., those widowed, divorced or separated, and never
married) is that individual’s personal income. The income used in this report is pre-tax income
(before income and payroll taxes), and is as reported below:
 Social Security includes income from the Old Age, Survivors, and Disability
Insurance (OASDI) program;24
 Earnings include wage and salary earnings plus self-employment income;
 Pensions and retirement savings include income from DB pension plans,
annuities, and distributions from DC retirement accounts and Individual
Retirement Accounts (IRAs);25
 Asset income includes business income, interest, dividends, and rents;

20 HRS, “HRS Restricted Data,” https://hrs.isr.umich.edu/data-products/restricted-data.
21 Peter V. Miller, “Is There a Future for Surveys?” Public Opinion Quarterly, vol. 81, issue S1, April 2017,
https://academic.oup.com/poq/article-pdf/81/S1/205/13942332/nfx008.pdf. Paul S. Davies and T. Lynn Fisher,
“Measurement Issues Associated with Using Survey Data Matched with Administrative Data from the Social Security
Administration,” Social Security Bulletin, vol. 69, no. 2, 2009, https://www.ssa.gov/policy/docs/ssb/v69n2/
v69n2p1.html.
22 Estimates computed using different survey samples will likely differ from one another and from the “true”
population value, even when the samples are drawn from the same population. The margin of error is a measure of an
estimate’s variability due to sampling. The larger the margin of error is in relation to the size of the estimate, the less
reliable is the estimate. The HRS, although matched with administrative records for a certain percentage of the sample,
likely contains nonsampling error—error due to causes other than the fact that a sample was used in place of the entire
population (for instance, respondents misremembering or misreporting income amounts, respondents failing to answer
the questionnaire, or errors during the processing of the data file).
23 In the HRS, married individuals include those married and partnered.
24 This report uses Social Security benefits prior to the deduction of the Medicare Part B and/or Part D premiums. For
respondents with administratively matched records, the Social Security benefit amount before those deductions was
used; for observations where matched data are not available, Medicare Part B and/or Part D premiums were added in
instances when the respondent had deducted these amounts from reported Social Security benefits.
25 This report includes IRA withdrawals as part of the income source for pensions and retirement savings, since they are
treated as income for taxation purposes.
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 Public assistance includes SSI benefits, dollars worth of Supplemental Nutrition
Assistance Program (SNAP) benefits,26 and other welfare income; and
 Other income includes veterans benefits, workers’ compensation, unemployment
compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household.
Individual Income vs. Household Income
This report uses the definition in the RAND HRS for the household income of individuals—the household income
for married individuals is the sum of income from each spouse in the household; the household income for single
individuals (i.e., those widowed, divorced or separated, and never married) is their individual income.
Table 1 displays median individual income and household income for individuals aged 65 and older in 2017.27 In
2017, almost all aged individuals received individual income and household income from one or more sources.
Among aged individuals with income, the median individual income was $29,214, compared to the median
household income of $51,906. The difference between individual income and household income primarily resulted
from married individuals, for whom the median individual income was $32,220 and median household income was
$70,329.
Table 1. Individual Income and Household Income for Individuals Aged 65 and Older, 2017
Median income is limited to those individuals with income

All Individuals
Married
Single Persons
Individual
Household
Individual
Household
Individual
Household

Income
Income
Income
Income
Income
Income
Percentage of
Individuals with
99.4%
99.6%
99.4%
99.8%
99.2%
99.2%
Income
Median Income
$29,214
$51,906
$32,220
$70,329
$25,740
$25,740
No. of Observations
9,011
5,054
3,947
Weighted Population
51,707
31,705
19,911
(in thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Household income for married individuals is the sum of income from each spouse in the household. Al values
displayed in the table have been adjusted for population weights provided by the HRS. A smal number of individuals did
not report marital status in the survey. Those individuals are included in the al individuals count, but not in the married
individuals or single individuals counts.
Compared with individual income, household income is generally considered to be a better measure for the
income that is available to an aged individual.28 For example, many married couples share expenses in the
household and may make financial decisions jointly, such as how many hours to work, who provides caregiving,
and how much to save for education, retirement, and other major expenditures. Some sources of income may

26 The HRS collects information about the “dollars worth” of SNAP benefits, which are included in the income sources.
The SNAP, formerly called the Food Stamp Program, is designed primarily to increase the food purchasing power of
eligible low-income households to help them buy a nutritionally adequate low-cost diet. For more information about
SNAP, see CRS Report R42505, Supplemental Nutrition Assistance Program (SNAP): A Primer on Eligibility and
Benefits, by Randy Alison Aussenberg and Gene Falk.
27 The median household income lies at the middle of the household income distribution. Half of individuals have
higher household income, and half have lower household income. The average household income is generally higher
than the median household income because a relatively small percentage of individuals have very high amounts of
household income. The median is therefore widely considered to be a more accurate measure of the household income
of a “typical” individual.
28 T. Lynn Fisher, “The Impact of the Unit of Observation on the Measurement of the Relative Importance of Social
Security Benefits to the Elderly,” Social Security Bulletin, vol. 67, no. 2 (2007).
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also be jointly received by married couples, such as interest income from a jointly held financial account. Under
Social Security, a dependent spouse may receive monthly benefits based on the working spouse’s earnings
records.29 In addition, household income may be used to determine the individual’s eligibility for means-tested
programs (e.g., SSI),30 as those resources may be deemed available to meet the needs of the individual. For this
reason, this report shows the household income level for aged individuals unless otherwise noted.
Income Sources for Individuals Aged 65 and Older
The population aged 65 and older receive their income from Social Security, pensions and
retirement savings, earnings, asset income, public assistance, and other sources.31 In 2017, about
three-quarters of aggregate income of aged individuals came from Social Security, pensions and
retirement savings, and earnings. Social Security was the largest single source of income among
the aged, accounting for 28.0% of aggregate income, while pensions and retirement savings
constituted 25.8% of income, and earnings accounted for 23.8%. The remaining one-quarter of
aggregate income included income from assets, public assistance, and other sources (see Figure
1).
Figure 1. Share of Aggregate Income from Each Source Among Individuals Aged 65
and Older, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes Supplemental Security Income (SSI) benefits,
dol ars worth of SNAP benefits, and other welfare income. All values displayed in the table have been adjusted
for population weights provided by the HRS. The sum of the components may not equal 100% due to rounding.
Table 2 displays the share of individuals aged 65 and older who received household income from
each income source in 2017. Among aged individuals with each type of income, the figure also
shows the median income amount for households who received that type of income. Detailed

29 See CRS Report R41479, Social Security: Revisiting Benefits for Spouses and Survivors, by Zhe Li.
30 See CRS In Focus IF10482, Supplemental Security Income (SSI), by William R. Morton.
31 Other income includes veteran benefits, workers’ compensation, unemployment compensation, alimony, child
support, and financial assistance from friends or relatives not living in the same household.
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information regarding the distribution of household income for each income source is shown in
Table A-1.
Table 2. Share of Individuals Aged 65 and Older in Households That Received
Income, and Median Amount of Household Income, by Income Source, 2017
Median income is limited to those individuals with each income source
Share of Individuals in
Households that Received
Income Sources
Income
Median Household Income ($)
Total
99.6%
51,906
Social Security
92.6%
22,080
Pensions and Retirement Savings
59.8%
18,000
Asset Income
54.5%
1,400
Earnings
36.5%
32,000
Public Assistance
8.1%
1,764
Other Income
16.9%
15,600
No. of Observations
9,011
Weighted Population (in thousands)
51,707
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes SSI benefits, dol ars worth of SNAP benefits,
and other welfare income. All values displayed in the table have been adjusted for population weights provided
by the HRS.
Social Security
Social Security provides monthly cash benefits to insured retired or disabled workers, their family
members, and certain family members of deceased workers.32 Workers become insured for Social
Security benefits for themselves and their family members by working in Social Security-covered
employment and by making payroll tax contributions on those earnings.33 Among other
requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to
be eligible for a Social Security retired-worker benefit.34 The Social Security full retirement age
(FRA) is the age at which workers can first claim full Social Security retired-worker benefits. The
FRA ranges between 65 and 67, depending on year of birth. Workers can claim Social Security

32 See CRS Report R42035, Social Security Primer, by Barry F. Huston.
33 An estimated 94% of workers worked in paid employment or self-employment covered by Social Security, and their
earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings,
up to an annual limit on taxable earnings ($147,000 in 2022). For more information, see SSA, Fact Sheet on the Old-
Age, Survivors, And Disability Insurance Program, July 22, 2022, at https://www.ssa.gov/OACT/FACTS/
fs2022_06.pdf.
34 A worker may earn up to four earnings credits per calendar year. In 2022, a worker earns one credit for each $1,510
of covered earnings, up to a maximum of four credits for covered earnings of $6,040 or more. Fewer earnings credits
are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when
he or she became disabled. Earnings credits are also called quarters of coverage.
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retired-worker benefits as early as age 62, the early eligibility age (EEA). However, workers who
claim benefits before the FRA are generally subject to a permanent reduction in their benefits.35
Spouses can also claim reduced spousal benefits based on the worker’s earnings as early as age
62.36 Social Security benefits for a household can include those for retired workers, disabled
workers,37 dependent spouses, and survivors.38
Social Security benefits generally increase with career-average earnings. This means that low-
paid workers receive relatively lower benefits than high-paid workers. The Social Security benefit
formula, however, is progressive—it is weighted to replace a greater share of career-average
earnings for low-paid workers than for high-paid workers, who were expected to be able to save
more individually than lower-paid workers. Therefore, low-paid workers receive relatively higher
benefits relative to their career-average earnings and payroll tax contributions.
In 2017, Social Security benefits were the most common source of income among individuals
aged 65 and older. Most individuals aged 65 and older received household income from Social
Security (92.6%).39 For individuals whose households had Social Security beneficiaries, the
median household benefit amount was $22,080. Most aged individuals (about 80%) received
household Social Security benefits between $10,000 and $40,000; about 10% of aged individuals
received household benefits less than $10,000, and about 10% received household benefits more
than $40,000.40
Pensions and Retirement Savings
Pensions and retirement savings include pension income from employer-sponsored DB and DC
plans, annuities, and withdrawals from IRAs.41 In 2017, about 59.8% of individuals aged 65 and
older received household income from pensions and retirement savings, with a median household
amount of $18,000 among those with these types of income. Household income from pensions
and retirement savings varied substantially across the aged population. Among aged individuals
who received household income from pensions and retirement savings, about 35% received less
than $10,000, while about 25% received more than $40,000.42
In 2017, the largest component in pensions and retirement savings was income from employer-
sponsored DB and DC pensions. DB plans usually offer a lifetime annuity (i.e., periodic
payments throughout retirement) that is typically based on a combination of factors, such as an

35 See CRS Report R44670, The Social Security Retirement Age, by Zhe Li.
36 Other types of dependents can claim benefits before the age of 62. Widow(er)’s benefits can be claimed as early as
age 60; disabled widow(er)’s benefits can be claimed as early as age 50. These benefits are also subject to reduction if
claimed before the FRA. There is no minimum eligibility age for dependent child’s benefits. Disability benefits are not
reduced for claiming age relative to the FRA.
37 Upon reaching the FRA, disabled-worker beneficiaries are converted automatically to the Old-Age and Survivors
Insurance program, and begin receiving unreduced Social Security retired-worker benefits.
38 The total amount of Social Security benefits payable to a family based on a retired, disabled, or deceased worker’s
record is capped by the maximum family benefit. Social Security Act, Title II, §203. For more information, see CRS
Report R42035, Social Security Primer, by Barry F. Huston.
39 For discussion of the population not covered by Social Security, see CRS In Focus IF11824, Social Security: Who Is
Covered Under the Program?, by Paul S. Davies.
40 CRS analysis of restricted data from the 2018 HRS. For additional information, see Table A-1.
41 See CRS Report R47119, Pensions and Individual Retirement Accounts (IRAs): An Overview, coordinated by
Elizabeth A. Myers, and CRS Report RS22350, Railroad Retirement Board: Retirement, Survivor, Disability,
Unemployment, and Sickness Benefits, by Zhe Li.
42 CRS analysis of restricted data from the 2018 HRS. For additional information, see Table A-1.
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employee’s tenure, salary, and an accrual rate.43 DC plans, such as 401(k) plans, are retirement
savings accounts generally funded through voluntary pre-tax contributions by the worker, which
are sometimes partially or fully matched by the employer.44 The employee determines how much
to invest and how to allocate these funds among the investment options. Retired households can
generally withdraw funds out of these accounts as a source of income, but face decisions
regarding the timing, rate, and form of withdrawal.45 In 2017, about 44.9% of individuals aged 65
and older received household income from DB or DC pensions; the median household amount
was $16,020 (see Table A-1).
A relatively small share of aged individuals (7.9%) received household income from non-pension
annuities in 2017. Annuities may take different forms.46 Annuities can be used to reduce the
likelihood that people may outlive their resources and to alleviate some post-retirement
investment risks. Among aged individuals who received household income from non-pension
annuities in 2017, the median amount was $8,832 (see Table A-1).
Retirement income can also include distributions from IRAs.47 Individuals who have earned
income (e.g., wages, salaries, commissions, self-employment income) can establish IRAs to
accumulate funds for retirement on a tax-advantaged basis.48 Though many individuals contribute
directly to an IRA, the majority of IRA funds come from rollovers of DC plan assets.49 In 2017,
about 29.3% of aged individuals received household income from withdrawals from IRA
accounts. The median household withdrawal was $8,167 among those aged individuals with this
type of income (see Table A-1).

43 DB pension plans in the private sector are generally funded entirely by employer contributions. In contrast, many
public-sector pension plans require employee contributions.
44 An employee may contribute up to $20,500 ($27,000 if age 50 or older) per year to a 401(k) plan in 2022. The
contribution limit is adjusted annually for increases in the national wage. Some DC plans can be funded solely by
employers. Contributions in Roth 401(k) accounts are after-tax. For more information, see U.S. Department of the
Treasury (Treasury), Internal Revenue Service (IRS), 2022 Limitations Adjusted As Provided in Section 415 (d), etc.,
Notice 2021-61, at https://www.irs.gov/pub/irs-drop/n-21-61.pdf.
45 After reaching a specified age or inheriting an account, individuals with employer-sponsored DC plans and
traditional IRAs generally have to begin taking required minimum distributions (RMDs) from their accounts. Under
current law, the RMD is a minimum amount that must be withdrawn each year after the account holder reaches age 72
(in the case of DC plans, account holders who work past age 72 may start taking RMDs after retirement, though
exceptions apply for account holders who own more than 5% of the business sponsoring the plan). Failure to take the
RMD results in a tax penalty equal to 50% of the amount that should have been distributed.
46 A life annuity—also called an immediate annuity—is an insurance contract that provides guaranteed income
payments for life in return for an initial lump-sum premium. A life annuity pays income to the purchaser for as long as
he or she lives and, in the case of a joint and survivor annuity, for as long as the surviving spouse lives. Another
annuity product, the Advanced Life Deferred Annuity, can be purchased at retirement with a smaller share of
accumulated assets and payments beginning at a later age, such as 85. People can also purchase an inflation-adjusted
annuity that provides annual increases in income.
47 The HRS does not distinguish between traditional IRAs and Roth IRAs in the income sources of respondents and
their spouses (if any).
48 Individuals may contribute up to $6,000 ($7,000 if 50 or older) in 2022 to an IRA. The contribution limit is adjusted
annually for increases in the national wage. For more information, see CRS Report RL34397, Traditional and Roth
Individual Retirement Accounts (IRAs): A Primer, by Elizabeth A. Myers.
49 See Investment Company Institute (ICI), The US Retirement Market, Second Quarter 2022, Tables 11 and 12, at
https://www.ici.org/research/stats/retirement. Rollovers are transfers of assets from one retirement plan to another
retirement plan, often upon separation from an employer. Generally, individuals may roll over account balances from
employer-sponsored pension plans into traditional or Roth IRAs upon separation from employment.
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Asset Income
Asset income includes capital income from business, rent, interest, and dividends. Asset income
is relatively common among individuals aged 65 and older. In 2017, approximately 54.5% of
aged individuals received household income from assets; the median household amount was
$1,400. Most received small amounts of such income. Roughly 25% of aged individuals who had
household income from assets received less than $80 and nearly 75% received less than
$14,453.50
Earnings
Earnings include income from wages and salaries and self-employment. Older individuals
generally leave the labor force or reduce working hours when they age. In 2017, about 36.5% of
individuals aged 65 and older had household income from earnings. Most of those aged workers
(81%) were between ages 65 and 74. Among individuals with workers in their households, the
median household earnings amount was $32,000 (the largest median amount for any of the
income sources). The household earnings amount was less than $9,000 for one-fourth of aged
individuals with household earnings, and it was more than $73,700 for another one-fourth of
those individuals.
A larger share of aged individuals received income from wages and salaries (30.6%) than from
self-employment (12.6%) in 2017. The median household wages and salaries was $30,000 among
aged individuals who received household income from those income sources, compared with
$15,000 for household self-employment income (see Table A-1).
Public Assistance
Public assistance includes SSI and other public assistance (e.g., welfare and dollars worth of
SNAP).51 In 2017, 8.1% of aged individuals received household income from public assistance,
and their median annual household benefit amount was $1,764. The household public assistance
amount was less than $10,000 for most aged individuals.52
SSI is a needs-based federal assistance program that provides monthly cash benefits to aged,
blind, and disabled individuals who have income and assets within prescribed program limits.
The program is intended to provide a guaranteed minimum level of income to adults who have
difficulty meeting their basic living expenses due to age (65 and older) or disability, and who
have little or no Social Security or other income.53 The proportion of the elderly population
receiving SSI has steadily fallen since the program began in 1974,54 mainly because the
percentage of people aged 65 and older who received Social Security benefits has increased and
the value of Social Security benefits—which reduces the value of one’s SSI payment on a dollar-
for-dollar basis after a $20 general income exclusion—has risen due to the growth in real wages.

50 CRS analysis of restricted data from the 2018 HRS. For additional information, see Table A-1.
51 In the HRS, the Supplemental Nutrition Assistance Program (SNAP) is referred to as Food Stamps, which was the
old name of the program. See CRS Report R42505, Supplemental Nutrition Assistance Program (SNAP): A Primer on
Eligibility and Benefits, by Randy Alison Aussenberg and Gene Falk.
52 CRS analysis of restricted data from the 2018 HRS. For additional information, see Table A-1.
53 See CRS In Focus IF10482, Supplemental Security Income (SSI), by William R. Morton.
54 In 1975, about 10% of the elderly population in the United States received some form of public assistance from the
federal or state governments, mainly from SSI. CRS analysis of the Current Population Survey (CPS), 1976 Annual
Social and Economic Supplement (ASEC).
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The SSI federal benefit rate, in contrast, grows at the annual rate of price inflation.55 In 2017,
about 3.5% of individuals aged 65 and older received SSI benefits in household income; the
median benefit amount was $4,680 among SSI recipients (see Table A-1). About 80% of aged
individuals who received household income from SSI were in the bottom 20% of the household
income distribution, and more than half were in poverty.56
Roughly 6.1% of aged individuals received household income from SNAP and other welfare
programs in 2017; the median household amount was $912 (see Table A-1).
Other Income
Individuals aged 65 and older may also receive household income from veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance
from friends or relatives not living in the same household. In 2017, about 16.9% of aged
individuals received household income from other sources; the median household amount among
those individuals was $15,600.
Income for Aged Individuals, by Marital Status
In 2018 (the survey year), about 61.4% of individuals aged 65 and older were married, 21.6%
were widowed, 12.3% were divorced or separated, and 4.6% were never married.57
In general, aged individuals who were married tend to have a higher median household income
than single individuals (those widowed, divorced or separated, and never married), since a
married individual might have household income from more than one person. In 2017, the median
household income for married individuals aged 65 or older was $70,329, compared with $26,080
for widow(er)s, $26,836 for divorced or separated individuals, and $21,215 for never married
individuals (see Figure 2).

55 In any given year the rate of price inflation may exceed the rate of growth of average wages. Over long periods,
however, wages grow faster than prices because average wages grow at the average rate of inflation plus the rate of
growth of labor productivity. Prices will grow faster than wages in the long run only if labor productivity fails to
increase.
56 Poverty status is determined based on the definition by U.S. Census Bureau. See U.S. Census Bureau, “Poverty
Thresholds,” at https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-poverty-
thresholds.html; and Delia Bugliari, et al., RAND HRS Longitudinal File 2018 (V2) Documentation, RAND, July 2022,
Section “4. Poverty Threshold Definitions and HRS Measures.”
57 Percentages may not add to 100% due to rounding.
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Figure 2. Median Household Income for Individuals Aged 65 and Older by Marital
Status, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Married individuals include those married or partnered. Divorced individuals include those divorced and
separated. Household income for married and partnered individuals is the sum of income from each spouse in
the household. The sample in this figure includes a small share of individuals aged 65 and older (about 0.2%) who
did not receive household income in 2017. All values displayed in the figure have been adjusted for population
weights provided by the HRS.
Figure 3 shows the share of individuals aged 65 and older who received household income from
each income source, based on their marital status in 2017. The receipt of Social Security in
household income was generally common among both married individuals and single persons.
A larger percentage of married individuals aged 65 and older received household income from
pensions and retirement savings and asset income than single persons. About 65.5% of married
individuals received household income from pensions and retirement savings, compared with
53.9% for widowed individuals, 46.4% for those divorced or separated, and 40.6% for those
never married. Similarly, around 61.0% of married individuals aged 65 and older received asset
income in household income, compared with 46.9% for widow(er)s, 41.4% for divorced or
separated individuals, and 38.8% for never married individuals.
Aged individuals who were married were also more likely to receive household income from
earnings than single persons. About 46.4% of married individuals aged 65 and older received
household income from earnings, compared to 14.1% for widow(er)s, 31.2% for those divorced
or separated, and 24.3% for those never married. Aged widow(er)s were least likely to work,
partly because about half of them were aged 80 and older and had left the labor force.
In contrast, a larger percentage of single persons received household income from SSI or other
public assistance than married individuals. About 19.4% of never married individuals aged 65 and
older received household income from public assistance, compared with 16.6% for those divorced
or separated, 10.5% for widow(er)s, and 4.6% for those married.
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Figure 3. Share of Individuals Aged 65 and Older That Received Household Income
from Each Income Source by Marital Status, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Married individuals include those married or partnered. Divorced individuals include those divorced and
separated. Pensions and retirement savings include pension income from employer-sponsored defined benefit
and defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset
income includes business income, interest, dividends, and rents. Other income includes veteran benefits,
workers’ compensation, unemployment compensation, alimony, child support, and financial assistance from
friends or relatives not living in the same household. Public assistance includes SSI benefits, dol ars worth of
SNAP benefits, and other welfare income. All values displayed in the table have been adjusted for population
weights provided by the HRS.
Figure 4 displays the share of aggregate income from each income source for individuals aged 65
and older by marital status in 2017. Social Security benefits accounted for a larger proportion of
total income for aged single persons than for married individuals. Social Security benefits
accounted for 37.6% of total income for widow(er)s, 31.5% for divorced or separated individuals,
and 31.9% for never married individuals, compared with 24.8% for married individuals. The
proportions of total income from pensions and retirement savings, asset income, and public
assistance were also higher for aged single persons than for married individuals, respectively.
Differently, earnings accounted for a larger proportion of total income for aged individuals who
were married than for aged single persons. This is partly because married individuals were more
likely to receive household income from earnings and the median earnings were usually higher
than the median of other income sources.
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Figure 4. Share of Aggregate Income from Each Income Source Among Individuals
Aged 65 and Older by Marital Status, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Married individuals include those married or partnered. Divorced individuals include those divorced and
separated. Pensions and retirement savings include pension income from employer-sponsored defined benefit
and defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset
income includes business income, interest, dividends, and rents. Other income includes veteran benefits,
workers’ compensation, unemployment compensation, alimony, child support, and financial assistance from
friends or relatives not living in the same household. Public assistance includes SSI benefits, dol ars worth of
SNAP benefits, and other welfare income. All values displayed in the table have been adjusted for population
weights provided by the HRS. Individual components may not sum to 100% due to rounding.
Income for Aged Individuals, by Household Income
Quintiles
The sources of income received by individuals 65 and older whose household incomes are at the
lower end of the household income distribution differ from the sources of income of people at the
upper end of the household income distribution. Figure 5 shows the share of aged individuals
who received household income from different income sources by household income quintile in
2017. Each quintile represents 20% of the aged population. The first quintile depicts the 20% of
aged individuals with the least household income, and the fifth quintile depicts the 20% of aged
individuals with the most household income. In 2017, receipt of Social Security in household
income was generally common among aged individuals throughout the household income
distribution, while receipt of other income sources generally differs across the household income
distribution.
A smaller percentage of aged individuals with relatively lower household income received
pensions and retirement savings in 2017 compared with those with higher household income.
About 19.3% of aged individuals in the bottom household income quintile received household
income from pensions and retirement savings, compared to 55.2% of those in the 2nd household
income quintile, and roughly three-quarters of those in each of the top three household income
quintiles (Figure 5). The finding that aged individuals with lower household income were less
likely to receive income from pensions and retirement savings might be due to lower labor force
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Income for the Population Aged 65 and Older

participation during their working years, less income available for savings, or lower access to
pension plans.
Earnings were also less prevalent among aged individuals with relatively lower household income
in 2017. About 9.5% of aged individuals in the bottom household income quintile received
household income from earnings, compared with almost 67.2% among those in the top household
income quintile (Figure 5). This is partly because aged individuals with the most household
income were relatively younger and still remained in the labor force. Approximately 74% of aged
individuals in the top household income quintile were aged 74 and younger, compared with 49%
of those in the bottom household income quintile.
In addition, Figure 5 shows that aged individuals at the lower end of the household income
distribution were also less likely to receive household income from assets and other sources. For
example, in 2017, nearly 18.9% of aged individuals in the bottom household income quintile
received household income from assets, compared with about 82.2% among those in the top
household income quintile. About 3.8% of aged individuals in the bottom quintile of the
household income distribution received some other income, compared with more than 28.2%
among those in the top household income quintile.
Differently, aged individuals who were in the bottom household income quintile were more likely
to receive household income from public assistance. In 2017, Figure 5 shows that about 29.0% of
aged individuals in the bottom quintile of the household income distribution received SSI or other
public assistance, compared with less than 6% for aged individuals with higher household
income.
For the percentage of aged individuals who received household income from detailed income
sources by household income quintile and marital status, see Table A-2.
Figure 5. Share of Individuals Aged 65 and Older That Received Household Income
from Selected Source by Household Income Quintile, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes SSI, dol ars worth of SNAP benefits, and
other welfare income. Household income quintile brackets are $21,840, $39,700, $64,295, and $110,897. All
values displayed in the table have been adjusted for population weights provided by the HRS. For information on
detailed income sources, see Table A-2.
Figure 6 displays the share of aggregate income among aged individuals from each income
source by household income quintile in 2017. Social Security was the predominant income source
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for aged individuals with relatively lower household income. For example, Social Security
provided 83.2% of all income received in 2017 for those in the bottom household income
quintile, and 66.4% for those in the 2nd household income quintile. The share of aggregate income
from Social Security significantly decreased as household income increased. Social Security paid
11.4% of all income received for aged individuals in the top household income quintile.
Except for those with the least household income, who received 5.5% of aggregate income from
this source, in 2017, pensions and retirement savings provided between 18% and 33% of
aggregate income for aged individuals (Figure 6). This income source accounted for about 30%
of aggregate income for those in the 3rd and 4th household income quintile, and slightly more than
25% for those with the most household income. Aged individuals in the top household income
quintile received a relatively smaller percentage of aggregate income from pensions and
retirement savings partly because they also received more than half of aggregate income from
asset income and earnings. Aged individuals in the bottom household income quintile received a
smaller percentage of aggregate income from pensions and retirement savings mainly because a
smaller percentage of those individuals received household income from those sources.
Differently, asset income and earnings accounted for a substantially larger share of total income
for individuals aged 65 and older who had higher household income than those with lower
household income. For example, Figure 6 shows that asset income accounted for 19.6% of total
income for aged individuals in the top household income quintile, compared with 1.6% for those
in the bottom household income quintile; earnings accounted for 32.6% of total income received
by aged individuals in the top household income quintile, compared with 2.9% for those in the
bottom household income quintile.
Public assistance accounted for a small percentage of aggregate income for most aged
individuals, although it was somewhat more important for aged individuals in the bottom
household income quintile, accounting for 5.9% of aggregate income (Figure 6).
For the share of aggregate income from detailed income sources by household income quintile
and marital status, see Table A-3.
Figure 6. Share of Aggregate Income from Each Source Among Individuals Aged 65
and Older by Household Income Quintile, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes SSI, dol ars worth of SNAP benefits, and
other welfare income. Household income quintile brackets are $21,840, $39,700, $64,295, and $110,897. All
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values displayed in the table have been adjusted for population weights provided by the HRS. Individual
components may not sum to 100% due to rounding. For information on detailed income sources, see Table A-
3.
Income for Aged Individuals, by Race/Ethnicity
In 2018, 79.5% of aged individuals identified as non-Hispanic White, 9.3% identified as non-
Hispanic Black, 8.4% identified as Hispanic of any race, and 2.8% identified as non-Hispanic of
other races.58 Figure 7 shows the median household income in 2017 for individuals aged 65 and
older by race/ethnicity. Median household income in 2017 was highest among aged individuals
who identified as non-Hispanic White ($57,940) and lowest among aged individuals who
identified as Hispanic ($21,480).
Figure 7. Median Household Income for Individuals Aged 65 and Older by
Race/Ethnicity, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Respondents in the White, Black and Other groups are non-Hispanic. Household income for married
and partnered individuals is the sum of income from each spouse in the household. All values displayed in the
table have been adjusted for population weights provided by the HRS.
Figure 8 shows the sources of household income in 2017 for individuals aged 65 and older by
race/ethnicity. Social Security income was the most common source across all racial and ethnic
groups. Receipt of Social Security income in 2017 was highest among those who identified as
non-Hispanic White (93.2%) and lowest among those who identified as Hispanic (89.1%).
Pensions and retirement savings and asset income were the next most common income sources in
2017 among individuals aged 65 or older. While about two-thirds (66.1%) of those who identified
as non-Hispanic White had income from pensions and retirement savings and 62.3% had asset
income, the respective percentages for those who identified as Hispanic were 28.7% and 17.2%
(Figure 8). Slightly more than one-third (37.6%) of those who identified as non-Hispanic Black
had income from pensions and retirement savings in 2017 and less than one-quarter (23.9%) had
asset income.

58 In the HRS, other races include those who identified as American Indian, Alaskan Native, Asian, Native Hawaiian,
Pacific Islander, and something else.
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Between 27.6% and 38.2% of aged individuals had earnings in 2017, with earnings being most
common among those who identified as non-Hispanic White and non-Hispanic of other races, and
least common among those who identified as Hispanic (Figure 8).
Although receipt of public assistance in 2017 among individuals aged 65 and older was less
common (8.1%, see Table 2) than receipt of other income sources, the overall rate of receipt was
depressed by low receipt among those who identified as non-Hispanic White. Nearly one-quarter
(23.9%) of those who identified as Hispanic received public assistance. Close to one-fifth
(17.5%) of those who identified as non-Hispanic Black received public assistance income
(Figure 8).
Up to roughly one-fifth of aged individuals received income from other sources in 2017,
including veterans benefits, unemployment insurance, and workers compensation. Receipt of
other income was substantially less common among those who identified as Hispanic and non-
Hispanic Black compared with those who identified as non-Hispanic White and non-Hispanic of
other races.
For the percentage of aged individuals who received household income from detailed income
sources by race and ethnicity and marital status, see Table A-4.
Figure 8. Share of Individuals Aged 65 and Older That Received Household Income
from Each Income Source by Race/Ethnicity, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Respondents in the White, Black and Other groups are non-Hispanic. Pensions and retirement savings
include pension income from employer-sponsored defined benefit and defined contribution plans, annuities, and
withdrawals from Individual Retirement Accounts (IRAs). Asset income includes business income, interest,
dividends, and rents. Other income includes veteran benefits, workers’ compensation, unemployment
compensation, alimony, child support, and financial assistance from friends or relatives not living in the same
household. Public assistance includes SSI, dol ars worth of SNAP benefits, and other welfare income. All values
displayed in the table have been adjusted for population weights provided by the HRS. For information on
detailed income sources, see Table A-4.
Figure 9 shows the share of aggregate income in 2017 from each source among individuals aged
65 and older by race and ethnicity. Following the patterns of receipt described above, Social
Security income accounted for the largest share of aggregate income in 2017 across most race and
ethnicity groups among aged individuals. Particularly among those who identified as Hispanic
and those who identified as non-Hispanic Black, Social Security accounted for a large proportion
of household income in 2017 (43.6% and 39.0%, respectively).
Figure 9 shows that, taken together, pensions and retirement savings and asset income accounted
for between 20% and 30% of aggregate household income in 2017 for aged individuals who
identified as Hispanic or non-Hispanic Black. In contrast, pensions and retirement savings and
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Income for the Population Aged 65 and Older

asset income accounted for 40% or more of aggregate household income in 2017 for those who
identified as non-Hispanic White and non-Hispanic of other races.
Earnings accounted for 20%-25% of aggregate household income in 2017 across race and
ethnicity groups in 2017 (Figure 9).
Public assistance and other income sources accounted for comparatively smaller shares of
household income in 2017. Despite the relatively larger proportions of those who identified as
Hispanic and non-Hispanic Black who received public assistance in 2017 (Figure 8), income
from public assistance programs accounted for a relatively small share of aggregate household
income in 2017 (less than 3%, Figure 9).
For the share of aggregate income from detailed income sources by race and ethnicity and marital
status, see Table A-5.
Figure 9. Share of Aggregate Income from Each Income Source Among Individuals
Aged 65 and Older by Race/Ethnicity, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Respondents in the White, Black and Other groups are non-Hispanic. Pensions and retirement savings
include pension income from employer-sponsored defined benefit and defined contribution plans, annuities, and
withdrawals from Individual Retirement Accounts (IRAs). Asset income includes business income, interest,
dividends, and rents. Other income includes veteran benefits, workers’ compensation, unemployment
compensation, alimony, child support, and financial assistance from friends or relatives not living in the same
household. Public assistance includes SSI, dol ars worth of SNAP benefits, and other welfare income. All values
displayed in the table have been adjusted for population weights provided by the HRS. Individual components
may not sum to 100% due to rounding. For information on detailed income sources, see Table A-5.
Income for Aged Individuals, by Age Groups
In 2018, about 33.2% of aged individuals were 65-69 years old, 25.9% were aged 70-74, 17.4%
were aged 75-79, and 23.5% were aged 80 and older. Median household income in 2017 declined
with age, from $64,420 among those aged 65-69 to $33,864 among those aged 80 and older
(Figure 10).
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Income for the Population Aged 65 and Older

Figure 10. Median Household Income for Individuals Aged 65 and Older by Age
Group, 2017

Source: CRS Analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Household income for married individuals is the sum of income from each spouse in the household. All
values displayed in the table have been adjusted for population weights provided by the HRS.
Figure 11 shows the share of individuals aged 65 and older who received household income in
2017 from each income source by age group. Across all age groups, Social Security was the most
common income source in 2017. Among all individuals, between 83% and 98% received
household income from Social Security in 2017. The lowest percentage occurred for the 65-69
age group. Some individuals in this age group may have been transitioning from the labor force to
retirement, and may not yet have applied for Social Security benefits due to the increase in the
FRA, as evidenced by the large proportion with earnings (59%). Aged individuals with short
working histories may not qualify for Social Security and may qualify for SSI or other public
assistance.
Pensions and retirement savings and asset income were the next most common income sources in
2017. There was little variation across the older age groups in the percentage who received these
income sources (Figure 11). However, a somewhat smaller proportion of the youngest age group
(ages 65-69) received income from pensions, retirement savings, and assets in 2017, again in part
because a larger proportion were still working. The percentage of older individuals with
household income from earnings in 2017 declined rapidly with age, from 59% of those aged 65-
69 to 10.3% of those aged 80 or older.
Between 7% and 9% of individuals aged 65 and older received household income from public
assistance programs in 2017, with relatively little variation across age groups (Figure 11).
Finally, Figure 11 shows that roughly 14% to 19% of all individuals received household income
from other sources in 2017, such as veterans benefits, unemployment insurance, and workers
compensation. Such income, which to some extent may be tied to recent former employment, was
received less frequently among individuals aged 75-79 and 80 and older.

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Income for the Population Aged 65 and Older

Figure 11. Share of Individuals Aged 65 and Older That Received Household Income
from Each Income Source by Age Group, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes SSI, dol ars worth of SNAP benefits, and
other welfare income. All values displayed in the table have been adjusted for population weights provided by the
HRS.
Figure 12 shows the share of aggregate income in 2017 from each source among individuals
aged 65 and older by age group. A larger share of aggregate income in 2017 for individuals aged
65-69 came from earnings, whereas the older age groups received larger shares of aggregate
income from retirement sources such as Social Security, pensions and retirement savings, and
asset income. For individuals aged 65-69, roughly one-fifth (20.5%) of aggregate income in 2017
was from Social Security, nearly one-fifth (17.5%) was from pensions and retirement savings, just
over one-tenth (11.5%) was from asset income, and about two-fifths (41.7%) was from earnings.
Conversely, for individuals aged 80 and older, over one-third (35.4%) of aggregate income in
2017 was from Social Security, slightly less than one-third (29.2%) was from pensions and
retirement savings, one-quarter (24.5%) was from asset income, and 4.3% was from earnings. For
all age groups, the share of aggregate income from public assistance programs in 2017 was small
(generally less than 1%).

Figure 12. Share of Aggregate Income from Each Income Source Among Individuals
Aged 65 and Older by Age Group, 2017

Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
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Notes: Pensions and retirement savings include pension income from employer-sponsored defined benefit and
defined contribution plans, annuities, and withdrawals from Individual Retirement Accounts (IRAs). Asset income
includes business income, interest, dividends, and rents. Other income includes veteran benefits, workers’
compensation, unemployment compensation, alimony, child support, and financial assistance from friends or
relatives not living in the same household. Public assistance includes SSI, dol ars worth of SNAP benefits, and
other welfare income. All values displayed in the table have been adjusted for population weights provided by the
HRS. Individual components may not sum to 100% due to rounding.
Income Dependency on Social Security Benefits
As noted previously, Social Security was the most common source of income and also the largest
source of income among the population aged 65 and older in 2017. Social Security income was
particularly important for older individuals (aged 75 and older), aged individuals with lower
household income, and aged individuals who identify as Hispanic and non-Hispanic Black.
Figure 13 measures reliance on Social Security income in 2017 among individuals aged 65 and
older, presenting the proportion of individuals in aged households with Social Security income
that received 50% or more, 75% or more, and 90% or more of household income from Social
Security. The figures are disaggregated by age group, educational attainment, household income
quintile, marital status, poverty status, race/ethnicity, and gender.59
Among aged individuals who received household income from Social Security in 2017, nearly
half (48.9%) received more than 50% their household income from Social Security, and about
one-fifth (19.3%) received more than 90% of their household income from Social Security
(Figure 13). Other studies using survey data from the Current Population Survey linked with SSA
administrative records and Internal Revenue Service tax records found that 12%-14% of
individuals aged 65 or older received 90% or more of household income from Social Security in
2015 and 2012.60
Figure 13 shows that reliance on Social Security income in 2017 increased across age groups.
Nearly 15% of those aged 65-69 relied on Social Security for 90% or more of household income
in 2017, compared with 16.7% for those aged 70-74, 20.8% for those aged 75-59, and 26.5% for
those aged 80 and older. This pattern may stem at least in part from the lifetime nature of Social
Security benefits, and also highlights the importance of Social Security spouse and survivor
benefits, particularly for older women.61 The estimates show that 22% of women relied on Social
Security for 90% or more of household income in 2017. For widowed, divorced, and never
married individuals, reliance on Social Security for 90% or more of household income in 2017
was 30.5%, 26.1%, and 30.7%, respectively.

59 Our estimates add to a long literature on reliance on Social Security income among the older population. Andrew G.
Biggs and Sylvester J. Schieber, “Is There a Retirement Crisis?” National Affairs, no. 53, summer 2014,
https://www.nationalaffairs.com/publications/detail/is-there-a-retirement-crisis. Social Security Administration, Income
of the Population 55 or Older, 2014, April 2016, https://www.ssa.gov/policy/docs/statcomps/income_pop55/
index.html. Irena Dushi, Howard Iams, and Brad Trenkamp, “The Importance of Social Security Benefits to the Income
of the Aged Population,” Social Security Bulletin, vol. 72, no. 2, pp. 1-12, May 2017, https://www.ssa.gov/policy/docs/
ssb/v77n2/v77n2p1.html. Adam Bee and Joshua Mitchell, Do Older Americans Have More Income Than We Think?,
U.S. Census Bureau, July 2017, https://www.census.gov/content/dam/Census/library/working-papers/2017/demo/
SEHSD-WP2017-39.pdf. Anqi Chen, Alicia H. Munnell, and Geoffrey T. Sanzenbacher, How Much Income Do
Retirees Actually Have? Evaluating the Evidence from Five National Datasets, Center for Retirement Research,
November 2018, http://crr.bc.edu/working-papers/how-much-income-do-retirees-actually-have-evaluating-the-
evidence-from-five-national-datasets/. Irena Dushi and Brad Trenkamp, “Improving the Measurement of Retirement
Income of the Aged Population,” ORES Working Paper No. 116, Social Security Administration, January 2021,
https://www.ssa.gov/policy/docs/workingpapers/wp116.html.
60 Dushi and Trenkamp (2021), Table 5. Bee and Mitchell (2017), Table 10.
61 See CRS Report R41479, Social Security: Revisiting Benefits for Spouses and Survivors.
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Those aged individuals with less education had greater reliance on Social Security income in
2017. About 43.5% of those with less than a high school diploma and 22.3% of those with a high
school diploma but no college education relied on Social Security for 90% or more of household
income in 2017, compared with 7.5% of those with at least a bachelor’s degree (Figure 13). The
estimates based on household income quintile show that 62.7% of aged individuals in the bottom
20% of the household income distribution rely on Social Security for 90% or more of household
income in 2017, compared with less than 1% of those in the top two household income quintiles.
Similarly, 58.5% of aged individuals with household income below the poverty threshold relied
on Social Security for 90% or more of household income in 2017.
About 41.2% of those who identified as Hispanic and 32.8% of those who identified as Black
non-Hispanic received more than 90% of their household income from Social Security in 2017,
compared with 15.3% of those who identified as White non-Hispanic and 26.6% of those
identified as non-Hispanic of other races (Figure 13).
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Income for the Population Aged 65 and Older

Figure 13. Percentage of Individuals Aged 65 and Older by Selected Proportion of
Household Income from Social Security Benefits, 2017

Source: CRS Analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Statistics are among individuals 65 and older who had Social Security benefits in household income.
Demographic characteristics are based on the time of the survey. Income is based on amounts received in the
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previous calendar year (2017). Married individuals include those married or partnered. Divorced individuals
include those divorced and separated. HS refers to High School. Poverty status is determined based on the
definition by U.S. Census Bureau (see footnote 56). Respondents in the White, Black, and Other groups are non-
Hispanic. Household income quintile limits are $21,840, $39,700, $64,295, and $110,897 for all individuals. All
values displayed in the table have been adjusted for population weights provided by the HRS.
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Income for the Population Aged 65 and Older

Appendix. Additional Income Tables for
Individuals Aged 65 and Older
Table A-1. Percentage of Individuals Aged 65 and Older That Received Household
Income and the Distribution of Household Income by Source of Income, 2017

Household Income Among Individuals with Income ($)
50th
Income
Share with
25th
Percentile or
75th
Sources
Income
Percentile
Median
Percentile
Average
Total
99.6%
26,339
51,906
95,340
84,864
Social Security
92.6%
15,130
22,080
31,739
23,931
Pensions and
Retirement
59.8%
7,000
18,000
39,500
35,329
Savings
Pensions
44.9%
6,588
16,020
34,800
31,700
Annuities
7.9%
3,564
8,832
18,000
22,413
IRA
Withdrawals
29.3%
2,857
8,167
20,000
17,513
Asset Income
54.5%
80
1,400
14,453
21,466
Earnings
36.5%
9,000
32,000
73,700
61,101
Wages and
Salaries
30.6%
10,000
30,000
68,000
53,521
Self-
employment
12.6%
3,500
15,000
43,800
47,437
Income
Public Assistance
8.1%
642
1,764
4,650
4,096
SSI
3.5%
1,680
4,680
8,880
7,146
Other Public
6.1%
348
912
1,728
1,277
Assistance
Other Income
16.9%
5,004
15,600
36,560
40,608
No. of
9,011
9,011
9,011
9,011
9,011
Observations
Weighted
Population (in
51,707
51,707
51,707
51,707
51,707
thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Asset income includes business income, interest, dividends, and rents. SSI is Supplemental Security
Income. Other public assistance includes dol ars worth of Supplemental Nutrition Assistance Program (SNAP)
benefits and other welfare income. Other income includes veteran benefits, workers’ compensation,
unemployment compensation, alimony, child support, and financial assistance from friends or relatives not living
in the same household. All values displayed in the table have been adjusted for population weights provided by
the HRS.

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Table A-2. Percentage of Individuals Aged 65 and Older That Received Household Income from Each Income Source by
Source of Income, Marital Status and Household Income Quintile, 2017

All Individuals
Married/Partnered
Single Persons
Household Income Quintile
Household Income Quintile
Household Income Quintile
Income
Sources
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
Any income
98.0%
100.0%
100.0%
100.0%
100.0%
99.2%
100.0%
100.0%
100.0%
100.0%
96.1%
100.0%
100.0%
100.0%
100.0%
Social Security
90.1%
96.7%
95.5%
94.0%
87.0%
95.2%
96.5%
96.2%
91.4%
87.1%
83.6%
96.9%
96.2%
93.8%
87.7%
Pensions and
Retirement
19.3%
55.2%
72.3%
79.6%
72.4%
31.5%
70.6%
75.3%
80.2%
70.0%
8.7%
30.8%
64.9%
71.5%
77.7%
Savings
Pensions
13.5%
40.9%
55.3%
62.1%
52.4%
23.1%
53.2%
58.9%
63.4%
49.2%
5.4%
23.1%
46.1%
55.0%
57.6%
Annuities
2.3%
4.6%
10.1%
11.0%
11.4%
1.1%
6.9%
9.3%
11.9%
11.1%
1.4%
3.3%
8.1%
10.9%
14.1%
IRA
Withdrawals
5.1%
19.8%
31.7%
41.6%
48.4%
11.1%
30.4%
38.5%
48.4%
46.8%
2.2%
6.9%
21.8%
29.1%
41.5%
Asset Income
18.9%
43.4%
58.2%
69.8%
82.2%
26.3%
54.8%
68.5%
71.6%
83.7%
10.0%
27.0%
48.4%
58.9%
77.3%
Earnings
9.5%
21.5%
37.2%
47.4%
67.2%
18.9%
37.5%
47.3%
57.0%
71.3%
5.6%
10.9%
17.8%
29.6%
40.8%
Wages and
Salaries
6.9%
17.6%
31.7%
39.8%
56.8%
15.1%
31.3%
39.9%
45.7%
62.0%
4.2%
7.1%
15.2%
26.1%
35.2%
Self-
employment
3.6%
6.0%
9.0%
13.4%
31.0%
6.5%
9.7%
13.3%
23.3%
32.6%
1.7%
4.3%
3.9%
5.9%
11.8%
Income
Public Assistance
29.0%
5.4%
2.9%
1.6%
1.4%
15.6%
3.2%
2.0%
1.6%
0.9%
40.0%
18.3%
3.9%
3.0%
2.1%
SSI
13.9%
1.8%
1.1%
0.3%
0.5%
8.1%
1.2%
0.4%
0.0%
0.4%
22.9%
3.2%
1.1%
0.8%
1.4%
Other Public
Assistance
22.1%
4.4%
1.8%
1.3%
0.9%
11.4%
2.0%
1.6%
1.5%
0.5%
29.4%
16.3%
3.2%
2.3%
0.7%
Other Income
3.8%
10.6%
18.5%
23.7%
28.2%
7.2%
17.4%
22.9%
26.7%
27.2%
2.9%
3.9%
10.1%
18.5%
22.9%
No. of
Observations
2,274
2,007
1,725
1,540
1,293
1,361
1,076
940
884
756
898
840
759
705
620
CRS-27

All Individuals
Married/Partnered
Single Persons
Household Income Quintile
Household Income Quintile
Household Income Quintile
Income
Sources
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
Weighted
Population (in
10,353
10,300
10,344
10,339
10,341
6,351
6,332
6,341
6,344
6,338
4,025
3,983
3,994
4,014
3,985
thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Asset income includes business income, interest, dividends, and rents. SSI is Supplemental Security Income. Other government transfers include dol ars worth of
SNAP benefits and other welfare income. Other income includes workers’ compensation, unemployment compensation, alimony, child support, and financial assistance
from friends or relatives not living in the same household. Household income quintile limits are $21,840, $39,700, $64,295, and $110,897 for all individuals; $36,895,
$58,548, $84,592, and $142,590 for married individuals; and $13,680, $21,034, $32,545, and $56,996 for single persons. All values displayed in the table have been
adjusted for population weights provided by the HRS.
Table A-3. Percentage of Aggregate Income from Each Income Source Among Individuals Aged 65 and Older by Marital
Status and Household Income Quintile, 2017

All Individuals
Married/Partnered
Single Persons
Household Income Quintile
Household Income Quintile
Household Income Quintile
Income
Sources
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
All income
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Social Security
83.2%
66.4%
46.1%
30.2%
11.4%
84.1%
59.6%
40.2%
26.6%
10.1%
80.2%
85.1%
64.8%
40.3%
15.1%
Pensions and
Retirement
5.5%
18.2%
27.5%
33.2%
25.7%
6.9%
21.2%
26.6%
34.6%
25.3%
2.6%
6.7%
21.0%
30.8%
28.4%
Savings
Pensions
4.2%
13.6%
20.1%
22.8%
16.0%
5.2%
15.4%
19.0%
23.1%
16.3%
1.8%
5.2%
15.7%
22.3%
17.5%
Annuities
0.4%
1.3%
2.3%
1.8%
3.0%
0.3%
1.4%
1.2%
1.8%
2.8%
0.2%
0.6%
1.6%
3.0%
3.7%
IRA
Withdrawals
0.8%
3.3%
5.1%
8.6%
6.7%
1.4%
4.3%
6.4%
9.6%
6.2%
0.5%
0.9%
3.8%
5.6%
7.2%
Asset Income
1.6%
4.2%
6.3%
10.3%
19.6%
1.4%
3.7%
6.9%
8.5%
17.9%
0.8%
2.1%
4.1%
7.5%
25.3%
CRS-28

All Individuals
Married/Partnered
Single Persons
Household Income Quintile
Household Income Quintile
Household Income Quintile
Income
Sources
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
1st
2nd
3rd
4th
5th
Earnings
2.9%
7.0%
13.6%
19.6%
32.6%
4.2%
9.9%
18.7%
23.4%
36.8%
2.2%
3.2%
5.8%
14.0%
19.6%
Wages and
Salaries
2.1%
6.2%
11.0%
16.7%
20.5%
3.2%
7.8%
16.0%
17.1%
22.4%
1.8%
2.1%
5.3%
11.7%
15.7%
Self-
employment
0.8%
0.8%
2.6%
2.9%
12.0%
1.0%
2.1%
2.7%
6.3%
14.4%
0.4%
1.0%
0.5%
2.3%
3.8%
Income
Public Assistance
5.9%
0.5%
0.3%
0.1%
0.2%
2.0%
0.4%
0.1%
0.0%
0.0%
13.3%
1.8%
0.6%
0.3%
0.7%
SSI
4.2%
0.3%
0.2%
0.1%
0.2%
1.4%
0.3%
0.1%
0.0%
0.0%
10.2%
0.8%
0.4%
0.2%
0.7%
Other Public
Assistance
1.7%
0.2%
0.1%
0.0%
0.0%
0.6%
0.1%
0.0%
0.0%
0.0%
3.1%
1.0%
0.2%
0.1%
0.0%
Other Income
0.9%
3.7%
6.2%
6.5%
10.5%
1.3%
5.3%
7.3%
7.0%
9.8%
0.9%
1.0%
3.8%
7.1%
10.9%
No. of
Observations
2,274
2,007
1,725
1,540
1,293
1,361
1,076
940
884
756
898
840
759
705
620
Weighted
Population (in
10,353
10,300
10,344
10,339
10,341
6,351
6,332
6,341
6,344
6,338
4,025
3,983
3,994
4,014
3,985
thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Asset income includes business income, interest, dividends, and rents. SSI is Supplemental Security Income. Other government transfers include dol ars worth of
SNAP benefits and other welfare income. Other income includes workers’ compensation, unemployment compensation, alimony, child support, and financial assistance
from friends or relatives not living in the same household. Household income quintile limits are $21,840, $39,700, $64,295, and $110,897 for all individuals; $36,895,
$58,548, $84,592, and $142,590 for married individuals; and $13,680, $21,034, $32,545, and $56,996 for single persons. All values displayed in the table have been
adjusted for population weights provided by the HRS. Sum of components may not equal 100% due to rounding.
CRS-29

Table A-4. Percentage of Individuals Aged 65 and Older That Received Household Income by Source of Income, Marital
Status, and Race/Ethnicity, 2017

All Individuals
Married/Partnered
Single Persons
White
Black
Other
White
Black
Other
White
Black
Other
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Income Sources
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Any Income
99.9%
99.0%
99.2%
97.2%
100.0%
99.9%
98.7%
98.6%
99.8%
98.5%
99.7%
95.3%
Social Security
93.2%
91.3%
91.0%
89.1%
93.5%
96.0%
87.0%
90.6%
92.8%
88.4%
95.3%
86.8%
Pensions and
66.1%
37.6%
46.6%
28.7%
70.4%
46.8%
51.8%
33.4%
58.3%
31.6%
41.5%
21.9%
Retirement Savings
Pensions
48.8%
33.1%
31.9%
25.2%
52.7%
40.1%
31.3%
29.7%
41.6%
28.5%
33.0%
18.5%
Annuities
9.0%
2.8%
4.2%
3.6%
8.7%
4.2%
4.9%
5.2%
9.5%
1.8%
3.6%
1.4%
IRA
34.6%
6.5%
18.9%
8.1%
39.4%
11.2%
28.3%
9.8%
25.9%
3.5%
8.7%
5.6%
Withdrawals
Asset Income
62.3%
23.9%
45.6%
17.2%
67.0%
31.6%
53.9%
22.7%
53.8%
19.0%
36.8%
9.0%
Earnings
38.2%
30.5%
36.0%
27.6%
48.0%
39.9%
44.8%
35.3%
20.4%
24.1%
26.5%
16.2%
Wages and
Salaries
31.8%
26.9%
30.1%
23.0%
39.9%
35.8%
38.0%
29.6%
17.1%
21.0%
21.5%
13.2%
Self-
employment
13.4%
8.6%
14.4%
8.6%
17.9%
10.9%
20.0%
12.0%
5.3%
7.1%
8.2%
3.6%
Income
Public Assistance
5.1%
17.5%
12.8%
23.9%
3.0%
8.2%
9.4%
17.3%
8.9%
23.5%
16.8%
33.5%
SSI
1.5%
9.3%
8.2%
14.5%
0.9%
4.2%
8.7%
10.1%
2.6%
12.6%
7.6%
20.9%
Other Public
Assistance
4.3%
12.4%
7.3%
15.4%
2.4%
5.5%
3.4%
11.5%
7.8%
16.9%
11.7%
21.2%
Other Income
18.2%
14.5%
16.5%
8.3%
21.4%
20.3%
17.8%
10.0%
12.4%
10.7%
15.2%
5.7%
No. of
Observations
6,050
1,575
243
1,142
3,591
651
129
683
2,453
921
113
459
CRS-30

All Individuals
Married/Partnered
Single Persons
White
Black
Other
White
Black
Other
White
Black
Other
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Income Sources
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Weighted
Population (in
41,108
4,785
1,457
4,356
26,471
1,875
766
2,593
14,563
2,902
682
1,763
thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Asset income includes business income, interest, dividends, and rents. SSI is Supplemental Security Income. Other government transfers include dol ars worth of
SNAP benefits and other welfare income. Other income includes workers’ compensation, unemployment compensation, alimony, child support, and financial assistance
from friends or relatives not living in the same household. All values displayed in the table have been adjusted for population weights provided by the HRS.
Table A-5. Percentage of Aggregate Income from Each Income Source Among Individuals Aged 65 and Older by Marital
Status and Race/Ethnicity, 2017

All Individuals
Married/Partnered
Single Persons
White
Black
Other
White
Black
Other
White
Black
Other
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Income Sources
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Any Income
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Social Security
26.6%
39.0%
30.1%
43.6%
23.8%
37.0%
25.9%
37.6%
33.1%
40.7%
36.3%
55.1%
Pensions and
26.3%
22.6%
26.6%
18.4%
26.3%
24.4%
28.7%
20.7%
26.2%
21.1%
23.5%
14.0%
Retirement Savings
Pensions
17.2%
19.5%
15.6%
12.8%
17.4%
20.5%
14.1%
14.0%
16.5%
18.7%
18.0%
10.4%
Annuities
2.5%
1.5%
1.0%
3.3%
2.1%
1.1%
1.1%
4.6%
3.2%
1.8%
0.8%
0.7%
IRA
Withdrawals
6.6%
1.6%
10.0%
2.3%
6.7%
2.9%
13.5%
2.0%
6.5%
0.7%
4.7%
2.9%
Asset Income
14.7%
4.8%
14.5%
5.1%
13.1%
6.6%
19.0%
5.6%
18.6%
3.5%
7.5%
4.2%
Earnings
24.0%
24.2%
20.1%
22.2%
28.7%
22.3%
17.8%
25.2%
12.9%
25.6%
23.8%
16.4%
Wages and
Salaries
16.0%
20.8%
15.8%
17.5%
18.4%
19.8%
15.3%
19.0%
10.4%
21.6%
16.7%
14.7%
CRS-31

All Individuals
Married/Partnered
Single Persons
White
Black
Other
White
Black
Other
White
Black
Other
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Non-
Income Sources
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Hispanic
Self-
employment
7.9%
3.4%
4.3%
4.7%
10.3%
2.4%
2.5%
6.3%
2.5%
4.1%
7.1%
1.7%
Income
Public Assistance
0.3%
1.8%
0.6%
2.9%
0.1%
0.3%
0.4%
1.4%
0.8%
2.9%
1.0%
5.6%
SSI
0.3%
1.4%
0.5%
2.2%
0.1%
0.2%
0.4%
1.1%
0.7%
2.2%
0.6%
4.4%
Other Public
0.1%
0.4%
0.2%
0.6%
0.0%
0.1%
0.1%
0.3%
0.2%
0.7%
0.3%
1.3%
Assistance
Other Income
8.2%
7.6%
8.1%
7.9%
8.0%
9.4%
8.1%
9.5%
8.4%
6.2%
8.0%
4.6%
No. of
6,050
1,575
243
1,142
3,591
651
129
683
2,453
921
113
459
Observations
Weighted
Population (in
41,108
4,785
1,457
4,356
26,471
1,875
766
2,593
14,563
2,902
682
1,763
thousands)
Source: CRS analysis of data from the 2018 Health and Retirement Study (HRS).
Notes: Asset income includes business income, interest, dividends, and rents. SSI is Supplemental Security Income. Other government transfers include dol ars worth of
SNAP benefits and other welfare income. Other income includes workers’ compensation, unemployment compensation, alimony, child support, and financial assistance
from friends or relatives not living in the same household. All values displayed in the table have been adjusted for population weights provided by the HRS. Sum of
components may not equal 100% due to rounding.

CRS-32

Income for the Population Aged 65 and Older: Evidence from the Health Retirement Stud

Author Information

Zhe Li
Paul S. Davies
Analyst in Social Policy
Specialist in Income Security

Acknowledgments
CRS Research Assistant Paul Romero contributed to the design of visuals in this report.

Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan
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Congressional Research Service
R47341 · VERSION 1 · NEW
33