September 22, 2010

Income Sources for Senior Citizens, 31% Have Pension Incomes

I was curious how many retired people currently receive a pension.   I found data on the census that indicates the income sources for people at various ages.   Looking at the age group of people who are over 65 is close to the same as looking at retired people. 

Here is a graph showing the % of people over 65 receiving income from certain sources:


The answer to my question is that roughly 31% of current retired people receive pension income.   

Note that this is for all people over age 65 and it isn't saying anything about how much income people get from these sources.   So whether you make $10 in interest from your savings account or $100,000 from dividends from your stocks you'll be counted among the 55% of people receiving property income.   Pension income covers a few categories including : company pensions, government pensions, military pensions, railroad pensions as well as annuity income.   Property income includes interest payments, dividends and rental income.   Wages and social security are straight forward.   Another 3% of the population over 65 has self employment income.

Here is the full list for people over age 65 giving the number of people receiving each kind of income:


    Total 36,506
Earnings 7,611
  Wages and Salary 6,525
  Nonfarm Self-Employment 1,109
  Farm Self-Employment 252
Social Security 32,406
SSI (Supplemental Security Income) 1,139
Public Assistance 63
Veterans Benefits 1,070
Survivor Benefits 1,939
Disability Benefits 192
Unemployment Compensation 297
Workers Compensation 147
Property Income 20,192
  Interest 19,213
  Dividends 6,577
  Rents, Royalties, Estates or Trusts 2,621
Retirement Income 13,198
  Company or Union Retirement 8,326
  Federal Government Retirement 1,172
  Military Retirement 537
  State or Local Government Retirement 2,656
  Railroad Retirement 194
  Annuities 315
  IRA, Keogh, or 401(K) 334
  Other or Don't Know 381
Pension Income 11,424
  Company or Union Retirement 7,417
  Federal Government Retirement 956
  Military Retirement 408
  State or Local Government Retirement 2,421
  Railroad Retirement 140
  Annuities 149
Alimony 57
Child Support 38
Educational Assistance 27
Financial Assistance from Outside the 189
 Household
Other Income, N.E.C. 203



And here is a list of combinations of income: 


  Earnings & Social Security 34,629
  Earnings, Social Security, or 35,556
      Other Retirement
  Social Security or Railroad Retirement 32,539
  Social Security or Other Retirement 33,594
      Income or Both
  Government Transfer Payments 33,775
  Public Assistance or SSI or Both 1,191
  Social Security, Public Assistance, 32,962
      or SSI or Both
  Retirement, SSI or Public Assistance 14,309
      or Both

1 comment:

  1. My DH took a voluntary separation package from his employer in Jan 2010, and with 30+ years, he took his retirement growth account as an annuity, so I guess you could say that's a pension. We'll keep watching how the governement tweaks Social Security and keep doing the math on starting SS withdrawals (he's in his early 50's, so it's a ways ahead of us).

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