Do the statistics on receipt of asset income and the receipt of pension income in Section 2 indicate whether an elderly person has assets or a pension account?
No. The March Supplement of the Current Population Survey does not ask about asset and pension holdings, and not all asset and pension income is included in the Census Bureau’s definition of total money income. Two notable exclusions are withdrawals from defined contribution pension accounts and capital gains or losses. Only “regular payments” from retirement, survivor, and disability income are included as pension income. Many people do not choose to annuitize their pension accounts and instead receive lump sums or make withdrawals from their pension accounts on their own. These withdrawals are not included as part of pension or total money income. Using receipt of income from assets or pensions will underestimate asset or pension holdings.
Related Questions
- My wife does not work outside our home and therefore will not have pension income that normally results from employment income. How can we set up a retirement income plan for her?
- Do the statistics on receipt of asset income and the receipt of pension income in Section 2 indicate whether an elderly person has assets or a pension account?
- Do statistics on the relative importance of income sources accurately reflect the resources available to the elderly?
