1. Social Security income
money from Social Security payments is frequent among older households of all income levels, albeit lower-income senior households rely on it more heavily.
2. Property income
Older households that receive this type of income: 60.2% Most elderly families derive income from property in some form or another.
This category comprises rent, interest, dividends, and any income earned from assets other than retirement accounts.
3. Pension and retirement-account income
Retirement plans such as defined-benefit pensions, life insurance, and annuities fall under this category.
It also covers defined-contribution plans, such as the well-known 401(k), as well as other typical strategies to save for retirement, such as IRAs.
4. Other income
This isn't a single income category, but rather a collection of smaller ones compiled by the Census Bureau.
Unemployment insurance, workers' compensation, veterans' benefits, and other cash income sources such as financial assistance from friends or family are also included.
5. Earnings from work
"Although the majority of persons aged 65 and over are retired or otherwise out of the labour force,
many older adults work (20.4 percent) or live with someone who works (16.3 percent)," according to the Census Bureau.
6. Supplemental Security Income
Supplemental Security Income, or SSI, is a separate program from Social Security benefits that is supervised by the Social Security Administration.
It is intended to assist seniors, the blind, and the crippled who have little other income. Few people rely only on this source of income; most have alternative options.