In general about one-third of the male veterans 65 and over received monetary income of between $1,000 and $2,000 in 1958. Another third was split almost evenly between the recipients of under $1,000 and those receiving between $2,000 and $3,000, with the remaining third going to those in the over $3,000 group. For the group as a whole, the downward shift in income that accompanies the aging process is clearly shown in Chart XIV, from which it is apparent that the bulk of the male veterans 65 and over have moved downward in the money income scale, with some two-thirds receiving under $3,000 in 1958, whereas nearly two-thirds of those aged 55 to 64 received over $3,000. 30 CHART XIZ Percent MONEY INCOME OF MALE VETERANS BY AGE AND INCOME SIZE CLASSES,1958 MONEY INCOME OF AGING VETERANS BY URBAN-RURAL LOCATION About two-thirds of the veterans 65 and over reside in cities, one-fourth in rural non-farm areas, and one-tenth on farms. Whether the size of income was a result of the availability near the established residence of desired money income producing employment, or income received from other sources led to the choice of residence without special regard to employment possibilities, is an open question. In any event, a greater proportion of rural non-farm residents were receiving under $1,000 of monetary income than was the case with urban and rural-farm residents. All places TABLE 19 MONEY INCOMES OF AGING MALE VETERANS BY Income Size 40 MONEY INCOME OF AGING MALE VETERANS BY RESIDENCE AND SIZE CLASS -1958 MONEY INCOME BY GEOGRAPHIC REGION Differences in the style and economic level of living are characteristic of different areas of the country, and these are both reflected in and result from the differences in the general levels of per capita money incomes in these areas. The per capita incomes of the whole population shown by regions in Chart XVI indicate the general magnitudes involved. Some aspects of this situation of particular future concern to veterans aged 65 and over are considered in Chapter VIII. In reviewing these differences, it should be borne in mind as indicated in Chapter III that in some areas such as the Midwest, Mountain and some Southern regions, monetary income is supplemented to some extent by income in kind, and the money income needed to maintain the same general level of living varies geographically. Concentrating for the moment on the one-third of the aging veterans who live in rural or farm areas, such a large proportion of whom are in the lowest income group, it should be borne in mind that the significance of money income from the standpoint of the standard of living that it will maintain in individual cases varies greatly as between urban and rural including farm, locations. The farm dweller usually gets his housing as an integral part of the farm and, in fact, uses part of the house normally for functions concerned with operating the farm. The farm dweller also usually obtains part of his food requirements in kind rather than having to draw on cash income for purchasing many items consumed by himself and his family. Just how important this may be in the income status of aging veterans as a group is not now clear. The opportunities it offers to supplement cash income as a source of economic support tie in with part-time self-employment income considered in the following chapter. Chapter V INCOME AND ASSETS OF AGING VETERANS BY TYPES AND SOURCES INCOME FROM EMPLOYMENT Full-time Part-time INCOME FROM SELF-EMPLOYMENT INCOME FROM COMPENSATION AND PENSION PAY- Veterans' compensation income OTHER MONETARY INCOME NON-MONETARY INCOME ASSETS AND DEBT OF THE AGING VETERAN POPULA- The types and sources of income received by veterans aged 65 and over considered individually in this chapter embrace those derived from employment and investment, and various types of "retirement" income, with some reference to non-monetary income in kind. Surveys indicate the major income reliance of the bulk of the veteran population aged 65 and over as a group to be the veterans' compensation and pension payments they receive. Income from employment, however, continues to maintain top position in the immediate years after attainment of the 65th birthday while employment is still widespread in the group and while a high proportion of those still employed are working on a full-time basis. (See Chapter III.) Its importance to the individual veteran within the aging group declines as he grows older, making the employment income of waning importance while increasing the reliance on retirement and disability types of monetary income and income in kind, including public and private institutional care. INCOME FROM EMPLOYMENT Employment income of the aging veteran population was placed at around $1.5 billion to $1.75 billion for 1958 in the preceding chapter. Estimates at present are subject to special qualification on the basis of previously mentioned difficulties. The changing situation of the employment source of the income of veterans aged 65 and over both as a group and of the aging individuals within the group has increased the importance of employment on other than a full-time basis. Income from part-year employment The increasing reliance with advancing age on seasonal or part-year activity for the employment contribution to the income of the veteran 65 and over is largely responsible for the strikingly lower range of total money income of those with such employment as compared with the group working on a full-year basis. Nearly two-thirds of the veterans 65 and over with full-year employment have annual monetary incomes of the $4,000 through $6,000 range, whereas the same proportion of the total with only part-year employment are in the $1,000 to $3,000 income class. TABLE 20 TOTAL MONEY INCOME BY SIZE CLASSES OF AGING TOTAL MONEY INCOMES BY SIZE CLASSES OF AGING MALE VETERANS WITH |