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 | ||||||||
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Income | Savings | Home Equity | |||||
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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. |
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| 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. |
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| 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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