Assets of new retired-worker beneficiaries: findings from the New Beneficiary Survey

Most new retired workers in 1982 owned some type of asset, usually a savings, checking, or credit union account, according to data obtained by the Social Security Administration (SSA) in its New Beneficiary Survey. Many recently retired workers also owned their home, often mortgage-free. Homeownership was their most significant asset in terms of its median value. Comparatively few retirees owned property other than a home, though for owners of such property, the median value was substantial. Married couples, whose assets included those of both partners, more frequently owned assets and their assets had higher median values than did unmarried individuals. A comparison of retired workers with persons aged 65 or older who were enrolled in the Medicare program but who had not yet received retired-worker benefits showed that these Medicare-only enrollees were much better off, both in the likelihood of owning assets and in having higher median values for their assets. Individuals who retired before reaching age 65 and therefore received a reduced social security benefit were not as well off as those whose first benefit was paid at age 65 or older. Overall, the asset situation of new retired workers in 1982 was better than that of men and unmarried women aged 58-63 in 1969, even when the 1969 assets were adjusted to constant 1982 dollars.