Financial
Background
The economic well-being of older adults has improved over the last century. Various income sources - Social Security, pension plans, personal savings, employment earnings - affect whether an older person will have an economically secure future. Access to housing equity and tax benefits can also help some older adults maintain financial independence. In addition, special programs such as the Texas Money Management Program help older Texans manage their income and prevent unnecessary guardianships. Despite various income sources and special programs and policies, pockets of poverty and income disparities remain.
Many public and private sources contribute to the incomes of older adults. The major sources of retirement income are Social Security, income from saved assets, employer-provided pensions, and employment earnings. In 2000, about 90 percent of all elderly households received Social Security benefits, 59 percent earned some income from saved assets, 41 percent drew pensions, and 22 percent earned income from jobs. Some households depend on public assistance programs, including Supplemental Security Income (SSI), veterans benefits, cash assistance (i.e., Temporary Assistance to Needy Families), Food Stamps, and unemployment insurance.
Updated: November 2, 2007
