But generalizations about income, poverty status, and wealth are dangerous. Older men are less likely than in the past to participate in the workforce, although this decline appears to have stabilized. Another notable shift involves the increased role of women in the workforce. For example, in 1950, only 31 percent of women age 50 to 54 worked, compared with 70 percent in 1993. Social Security is the major source of income for 63 percent of beneficiaries in 1992 and accounts for almost all income for 26 percent.
Private pensions are important sources of income for older people.
The poverty rate among older people living in the community increases substantially with age. Nearly 11 percent of people age 65 to 74 were poor in 1992, compared with about 20 percent for age 85 and above. Poverty is especially a problem for older women, particularly for those living alone. Women make up 58.4 percent of the elderly population, but 71.3 percent of the poor elderly. Wealth, too, is very unevenly distributed among older Americans.