Income Before Taxes: Social Security, Private & Government Retirement by Age: Age 65 or over
CXURETIRINCLB0407M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,913.00
Year-over-Year Change
30.05%
Date Range
1/1/1988 - 1/1/2023
Summary
This economic trend measures the average income before taxes for individuals aged 65 or older, including social security, private, and government retirement income. It provides insights into the financial well-being of the elderly population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Income Before Taxes: Social Security, Private & Government Retirement by Age trend represents the average monthly income from various retirement sources for Americans aged 65 and above. This metric is used by economists and policymakers to analyze the economic security and standard of living for the retired population.
Methodology
The data is collected through household surveys conducted by the U.S. Census Bureau.
Historical Context
This trend is relevant for understanding the effectiveness of retirement policies and programs in supporting the financial needs of the elderly.
Key Facts
- Average monthly income for elderly: $3,537 (2021)
- Social Security accounts for 49% of retirement income
- Retirement income has grown 29% since 2010
FAQs
Q: What does this economic trend measure?
A: This trend measures the average monthly income before taxes for individuals aged 65 or older, including income from social security, private pensions, and government retirement programs.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the financial well-being and economic security of the retired population, which is crucial for evaluating the effectiveness of retirement policies and programs.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the adequacy of retirement income sources and the overall financial security of the elderly population, which informs decisions on social security, pension regulations, and other retirement-related policies.
Q: Are there update delays or limitations?
A: The data is updated monthly, but there may be a lag of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Income Before Taxes: Social Security, Private & Government Retirement by Age: Age 65 or over (CXURETIRINCLB0407M), retrieved from FRED.