Medicare Beneficiaries’ Financial Security Before the Coronavirus Pandemic

Table 1: Per Capita Income, Savings, and Home Equity of Medicare Beneficiaries by Selected Demographic Characteristics, 2019
 

 

Income Savings Home Equity
 

 

Median Median among all beneficiaries % with savings Median among those with savings Median among all beneficiaries % with home equity Median among home owners
Total $29,650 $73,800 88% $107,750 $75,350 73% $125,900
Race/
Ethnicity
White $33,700 $117,800 92% $146,200 $95,000 80% $132,500
Black $23,050 $14,500 75% $35,250 $18,450 56% $87,150
Hispanic $15,600 $9,650 73% $27,800 $16,500 55% $90,950
Age <Age 65 $19,550 $34,050 85% $52,500 $11,650 54% $68,150
Total, 65+ $31,450 $83,850 88% $119,700 $87,850 76% $132,500
65-74 $35,200 $117,150 90% $154,100 $81,650 76% $128,550
75-84 $29,700 $61,700 86% $97,450 $92,200 78% $130,900
85 and older $22,750 $18,800 85% $37,150 $107,350 76% $159,000
Gender Female $27,750 $63,350 87% $97,300 $79,500 73% $131,800
Male $32,050 $88,250 89% $121,050 $71,100 73% $120,150
Marital
Status
Married $35,250 $132,700 94% $155,750 $88,300 86% $109,850
Divorced $27,000 $43,500 82% $78,850 $29,900 58% $125,750
Widowed $26,450 $41,300 86% $67,400 $123,250 77% $180,400
Single $17,000 $17,700 75% $52,100 $0 38% $140,900
Education Less than High School $15,250 $4,800 71% $17,800 $12,550 54% $79,500
High School $24,750 $45,700 87% $66,000 $61,150 72% $106,550
Some College $32,600 $92,300 91% $118,100 $80,250 76% $122,550
College Graduate $53,250 $275,000 96% $301,600 $136,650 84% $176,850
Federal
Poverty
Level
<200% FPL $13,650 $8,400 74% $22,150 $8,350 52% $92,400
200-399% FPL $28,800 $68,950 92% $82,600 $79,300 79% $114,100
400% FPL or more $65,050 $324,300 98% $337,200 $134,200 89% $155,650
NOTE: Total household income, savings, and home equity for couples are split equally between couples for per capita estimates for married beneficiaries.
SOURCE: Urban Institute / KFF analysis of DYNASIM data, 2019.
Table 2: Distribution of Medicare Beneficiaries’ Per Capita Income, Savings, and Home Equity by Age, 2019
  Overall Age 65 and Older Under Age 65
Distribution of per capita income
Top ten percent $89,050 $91,750 $63,500
Top 25 percent $54,300 $56,700 $35,850
Median $29,650 $31,450 $19,550
Bottom 25 percent $17,000 $18,150 $12,000
Bottom 10 percent $10,350 $10,900 $9,000
Distribution of per capita savings
Top ten percent $839,600 $892,550 $435,150
Top 25 percent $324,400 $355,450 $145,100
Median $73,800 $83,850 $34,050
Bottom 25 percent $8,500 $9,650 $4,250
Bottom 10 percent $0 $0 $-750
Distribution of per capita home equity
Top ten percent $358,450 $371,950 $191,300
Top 25 percent $192,200 $205,400 $75,300
Median $75,350 $87,850 $11,650
Bottom 25 percent $0 $6,100 $0
Bottom 10 percent $0 $0 $0
Distribution of Medicare beneficiaries’ median income, savings, and home equity by age
Median per capita income, 2019
Age
Under Age 65 $19,550 N/A $19,550
Total, Age 65+ $31,450 $31,450 N/A
65-74 $35,200 $35,200 N/A
75-84 $29,700 $29,700 N/A
85 and Older $22,750 $22,750 N/A
Race/Ethnicity
White $33,700 $35,550 $21,500
Black $23,050 $24,900 $16,500
Hispanic $15,600 $15,700 $15,200
Gender
Female $27,750 $29,000 $19,250
Male $32,050 $34,650 $19,900
Median per capita savings, 2019
Age
Under Age 65 $34,050 N/A $34,050
Total, Age 65+ $83,850 $83,850 N/A
65-74 $117,150 $117,150 N/A
75-84 $61,700 $61,700 N/A
85 and Older $18,800 $18,800 N/A
Race/Ethnicity
White $117,800 $131,650 $49,800
Black $14,500 $15,400 $11,900
Hispanic $9,650 $8,400 $15,400
Gender
Female $63,350 $68,450 $39,450
Male $88,250 $105,000 $28,600
Median per capita home equity, 2019
Age
Under Age 65 $11,650 N/A $11,650
Total, Age 65+ $87,850 $87,850 N/A
65-74 $81,650 $81,650 N/A
75-84 $92,200 $92,200 N/A
85 and older $107,350 $107,350 N/A
Race/Ethnicity
White $95,000 $105,600 $22,400
Black $18,450 $31,950 $0
Hispanic $16,500 $21,800 $0
Gender
Female $79,500 $89,700 $21,050
Male $71,100 $85,900 $0
NOTE:   Total household income, savings, and home equity for couples are split equally between couples for per capita estimates for married beneficiaries.
SOURCE: Urban Institute / KFF analysis of DYNASIM data, 2019.
Table 3: Average Equity Share Among Households Ages 65 And Older With Any Savings, 2016
Equity share of total savings
Average 18.4%
Bottom savings quintile 0.8%
2nd savings quintile 9.9%
Middle savings quintile 17.8%
4th savings quintile 28.2%
Top savings quintile 35.5%
NOTE: Equity share among households ages 65 and older with any savings.
SOURCE: Urban Institute analysis of the 2016 Survey of Consumer Finances.
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