This brief examines the financial challenges confronting low-income older adults, with a focus on housing costs. It estimates the share of adults who have inadequate income, reports their income sources, and describes their spending patterns. Data come from the American Community Survey and the Consumer Expenditure Survey, two large, nationally representative household surveys fielded by the US Census Bureau. Based on these data, 14 percent of older adults—6.5 million people in 2013—do not have enough income to meet their needs. Most of their income comes from Social Security, and they spend much of it on housing.
Financial well-being in America