"Today, the Social Security Trustees released their 2011 report on the financial status of both Social Security and Medicare. The reports make clear that both programs are on unsustainable paths, and reforms will be necessary to make them solvent. This analysis focuses on the financial status of Social Security."
Change in Median Adjusted Household Income by Age of Householder, 1967-2010
"Households in all age groups have made gains compared with their predecessors over the course of many decades, but the incomes of the oldest households have risen four times as sharply as those of the youngest ones. As a result, incomes of the oldest households, which have been lower than those of younger households, are catching up.
In households headed by adults younger than 35, the median adjusted annual income in 1967 was $38,555, compared with $49,145 in 2010, an increase of 27% (all figures are expressed in 2010 dollars and standardized to a household size of three). By contrast, in households headed by adults ages 65 and older, the median adjusted annual income in 1967 was $20,804, compared with $43,401 in 2010, an increase of 109%.
The sources of income for households headed by adults ages 65 and older include a steady share of total income, about 55%, from Social Security over the past three decades. Older households also have a rising share of income from wages and salaries, while households headed by young adults have lower shares from wages and salaries, compared with similar households a decade ago."
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