How many Americans contribute to an individual retirement account (IRA) and what was the average contribution?
• Q: What is the income level of the elderly population (age 65 and older) in the United States? A. The median (mid-point) income level of the elderly population age 65 and older increased from $12,464 (in constant 2006 dollars) in 1974 to $16,770 in 2006. The average annual income of this group increased from $17,586 in 1974 to $25,510 in 2006 (in constant 2006 dollars). Source: December 2007 EBRI Notes: Figure 3 http://www.ebri.org/pdf/notespdf/EBRI_Notes_12-20071.pdf • Q: How much do the elderly depend on Social Security income? A: In 2006, Social Security income was the largest source of income for those currently age 65 and older, accounting for 39.8 percent of their income on average. Pension and annuity income was 19.3 percent, income from assets was 15.4 percent, and income from earnings was 23.7 percent. In 2006, Social Security amounted to 87.6 percent of the income of those in the lowest income quintile (less than $8,261) compared with 18.5 percent of the income of those in
