Florida State University. From the SelectedWorks of Patrick L. Mason. Patrick Leon Mason, Florida State University. Winter February, 2009

Florida State University From the SelectedWorks of Patrick L. Mason Winter February, 2009 DISTRIBUTIONAL ANALYSIS OF LABOR AND PROPERTY INCOME AMONG NEW SENIORS AND EARLY RETIREES: BY RACE, GENDER, REGION, AND INTERTEMPORAL COHORT, 1965-2006 Patrick Leon Mason, Florida State University Available at: https://works.bepress.com/patrick_l_mason/10/

DISTRIBUTIONAL ANALYSIS OF LABOR AND PROPERTY INCOME AMONG NEW SENIORS AND EARLY RETIREES: BY RACE, GENDER, REGION, AND INTERTEMPORAL COHORT, 1965-2006 Patrick L. Mason Professor of Economics & Director, African American Studies Program Florida State University Tallahassee, Florida 32306 pmason@fsu.edu (850) 644 9146 February 10, 2009 Prepared for the Florida Commission on Human Relations Copyright by 2008 Patrick L. Mason. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including notice, is given to the source.

I. Introduction The tables herein provide detailed descriptive statistics for changes in labor and property income during 1965 2006. We are particularly interested in secular changes in racial inequality since the demise of formal segregation during the mid-1960s. Accordingly, we construct an overlapping series of four synthetic intertemporal cohorts of new seniors (ages 50 64) and early retirees (ages 65 and above). (See Table 1.0). Cohorts are separated by the troughs of recessions. For cohort 1, individuals are age 50 and above in 1965, 51 and above in 1966, 52 and above in 1967, and so forth. Individuals age 50 in 1965 will have reached their peak earnings while Jim Crow remained the law of the land. We construct a second cohort of mature adults beginning with persons age 50 and above in 1974. The youngest individuals in this second cohort were middle age persons of at least 41 years of age at the end of Jim Crow; hence, they were mature workers unlikely to substantially increase their human capital prior to retirement. Jim Crow limited the job mobility of these workers prior to 1965 and recoupment on their investments in firm-specific human capital after 1965 would lower their employment mobility. Table 1.0. Format of overlapping cohorts and their distinguishing characteristics Cohort Age of cohort entrants in 1965 Distinguishing characteristic Cohort1, 1965 1973 50 Completed all education and obtained peak earnings of adult worklife prior to end of Jim Crow Cohort2, 1974 1980 41 Limited job mobility prior to or after end of Jim Crow Cohort3, 1981 1990 34 Completed post-school on-the-job training prior to end of Jim Crow Cohort4, 1991 2000 24 Began adult worklife after end of Jim Crow Completed secondary and postsecondary education after end of Jim Cohort5, 2001 2007 14 Crow 1

The third cohort begins in 1981. This cohort will include young adults who were at least 34 years of age in 1965 and these workers are likely to have completed all of their schooling and post-schooling on-the-job training prior to the demise of Jim Crow. We initiate our fourth cohort in 1991, with individuals who were no less than 24 years of age in 1965. The youngest workers in this cohort began their adult worklife at the end of Jim Crow. Hence, some of their on-the-job training was received in a desegregated environment and would likely be of a higher quality their the on-job-training provided to the youngest members of previous cohorts. The final cohort utilizes persons at least 50 years of age during 2001; hence, the youngest members of the cohort were 14 years old in 1965; cohort entrants would have completed their entire secondary, postsecondary, and on-the-job training during the post-jim Crow era. Collectively, our cohorts include individuals born between the Nadir (1877-1922) and early years of the post-war Civil Rights movement (1951). Our variables of interest for each cohort are labor earnings and property income. Wages measure the current returns to individual skill, opportunity, effort, and luck. Property income includes capital gains or losses, increases in home equity, dividends, interest, rent on real property, pension payments, and other sources of income that reflect a market return on financial assets. Of course, some forms of property income are more liquid than others and there are also differences in discretionary spending, for example, rental income is immediately received as cash and may be utilized without selling off one s rental property, while increases in home equity represent paper income that cannot be converted into cash without selling one s residence. Nevertheless, all forms of property income represent current returns on the accumulation of past savings. As such, property income varies positively with wealth accumulation. By examining 2

both wages and property income we have indicators of both an individual s current labor market status and his past economic and social opportunities. As we move from the 1 st to the 5 th cohort, there is a decline in racial gap in the quantity of education, the quality of education, the quantity of on-the-job training, the quality of on-the-job training, quantity of actual market experience, and quality of labor market experience. We should observe intertemporal reductions in the racial gap in wages and non-labor income. We present tables for earnings and property income for two age groups (new seniors 55-59 and new retirees ages 65-69), both men and women, four national regions, and two racial groups (blacks and whites). We also include separate tables of female and male racial ratios. II. Data The data are taken from the 1965 2007 March files of the Current Population Survey (CPS). We use the CPS files provided by the Unicon Research Corporation. 1 The labor and property income outcomes refer to the year prior to the survey. All individuals are 50 years of age and above during the current year. All individuals are native-born Non-Hispanic African Americans and whites. The CPS does not contain a Hispanic identifier prior to 1971. Nativity is available only during 1994 2007. All income data are inflation-adjusted to 2007 dollars using the Consumer Price Index All Urban Consumers. For 2003 2007 individuals may select more than one racial category. In order to maintain consistency with previous surveys and with the prevailing social norms of the immediate post-jim Crow era, African Americans include all persons who self-identified as black only plus any combination of black and other racial or ethnic group. We include persons who self-identity as black and some other racial group as a separate ethnic group among 1 Unicon Research Corporation. (2007). CPS Utilities: Annual Social and Economic Supplement, 1962-2007. Los Angeles, CA. 3

African Americans. Persons from the US Virgin Islands and Puerto Rico are considered nativeborn Americans. We construct a series of five overlapping artificial cohorts. Cohort 1 consists of persons age 50 and above in 1965. Cohort 2 consists of persons age 50 and above in 1974. Cohorts 3 and 4 consist of persons age 50 and above in 1981 and 1991, respectively, while persons age 50 and above as of 2001 are in the final cohort. Each cohort, except cohort 5, is followed for at least 15 years; hence, for cohort 1 we merge annual data from 1965 to 1980. For cohort 2 we merge annual data from 1974 to 1990, while we merge data for 1981 2000 for cohort 3, 1991-2007 for cohort 4, and for 2001 2007 for cohort 5. Therefore, for each cohort (except cohort 5) we follow the youngest individuals from age 50 to the earliest retirement years and we also allow each cohort to fully overlap with one other cohort. From 1968 to 2007, the CPS data contains a single variable which combines income from interest, dividends, and net rentals. However, the question was not always asked with identical wording. Specifically, for 1980 2007 the question asks whether and how much household income from the previous year was obtain from savings account or money market funds; bonds, treasury notes, individual retirement accounts, or certificates of deposit; or, interest earning checking account or other investments which paid interest. For 1976 1979 the question asks whether and how much household income from the previous year was obtain from interests savings accounts, bonds, etc.. In 1975, the question asks whether and how much household income from the previous year was obtain from interests savings accounts, bonds, etc. ; and, dividends, net rental income or royalties, and estates or trusts. Finally, for 1968 1974 the question asks whether and how much household income from the previous year was obtain from 4

dividends, interests on savings accounts or bonds, net rental income or income from estates and trusts. Capital gains, capital losses, and changes in home equity are measured separately from the 1980 survey forward. Household income from retirement, other than social security and veteran s benefits, is available from 1976 forward. Household income from social security and railroad retirement is also recorded from 1976 forward, while family income from veteran s benefits are recorded from 1988 forward. Accordingly, we construct four increasingly broad measures of capital income. Our most basic measure of property income and includes only dividends, interest, and net rentals. Our second property income category adds capital gains, capital losses, and changes in home equity to our basic measure of property income. Next, we add social security and railroad retirement income to our basic measure of property income. Finally, we examine private sector pensions. III. Analysis The descriptive statistics presented in the tables present a distributional analysis. We include the mean for both categories of income, but we also income measures at the 10 th, 25 th, 50 th, 75 th, and 90 th percentile. In additional, we present three measures of inequality: standard deviation, skewness, and kurtosis. Each cohort has two columns: the percentile column shows the level of income (or racial income ratio) associated with a particular income percentile; and, the moment column presents the mean, standard deviation, skewness, and kurtosis. For a normal distribution, that is, for distributions characterized the familiar bell curve, the mean, mode, and median are identical and thus provide an identical measure of what is true for the typical randomly selected individual. The normal distribution is perfectly symmetric, implying that the probability of observing an individual with extremely high earnings is equal to 5

the probability of observing an individual with extremely low earnings and both probabilities are small. Statistically, this says there are not many persons in either the right (high income end) or left tail (low income end) of the distribution, most persons are bunched in the middle. Skewness is a measure distributional symmetry. For the normal distribution skewness = 0. If skewness is positive (negative) the distribution has a long right (left) tail, implying that there are a small number of people with extremely high (low) income. In this case the median is less (more) than the mean, which is sensitive to outlyers. Also, for the normal distribution, kurtosis = 3. Hence, when there is positive excess kurtosis, that is, kurtosis > 0, the distribution has thick tails and a flat peak in the middle. This implies greater inequality. The standard deviation is a more common measure of inequality. It captures the average value of squared deviations from the mean. Sometimes, we also report on the coefficient of variation, which is the standard deviation divided by the mean. We present the coefficient of variation because it helps determined whether this particular measure of inequality is relatively large or small. Changes in the standard deviation, skewness, or kurtosis are alternative ways of capturing the nature and extent of changes in the distribution of income. Whether the mean is higher or lower the median (the 50 th percentile) tells us whether the extreme values are at the upper or lower end of the income distribution. By examining changes in the level of income at the 10 th, 25 th, 50 th, 75 th, and 90 th percentiles we get a better understanding of which classes within a race-gender group are improving or declining over time. Our ratio tables then compares the income levels for persons at the same class level, same region, same sex, and same age group, but different racial group. Table 2 contains the complete list of tables included in this document. 6

Number Table 2. List of Tables Title Table 1.1 Weekly wage ratio by region: women, ages 55-59 Table 1.2 Weekly wage ratio by region: men, ages 55-59 Table 1.3 Interest, dividend, and rental income ratio by region: women, ages 65-69 Table 1.4 Interest, dividend, and rental income ratio by region: men, ages 65-69 Table 2.1 Labor Income: African American Women, Ages 55-59, Northeast Table 2.2 Labor Income: White Women, Ages 55-59, Northeast Table 2.3 Property Income: African American Women, Ages 65-69, Northeast Table 2.4 Property Income: White Women, Ages 65-69, Northeast Table 2.5 Labor Income: Female Ratio, Ages 55-59, Northeast Table 2.6 Property Income: Female Ratio, Ages 65-69, Northeast Table 3.1 Labor Income: African American Women, Ages 55-59, Northcentral Table 3.2 Labor Income: White Women, Ages 55-59, Northcentral Table 3.3 Property Income: African American Women, Ages 65-69, Northcentral Table 3.4 Property Income: White Women, Ages 65-69, Northcentral Table 3.5 Labor Income: Female Ratio, Ages 55-59, Northcentral Table 3.6 Property Income: Female Ratio, Ages 65-69, Northcentral Table 4.1 Labor Income: African American Women, Ages 55-59, South Table 4.2 Labor Income: White Women, Ages 55-59, South Table 4.3 Property Income: African American Women, Ages 65-69, South Table 4.4 Property Income: White Women, Ages 65-69, South Table 4.5 Labor Income: Female Ratio, Ages 55-59, South Table 4.6 Property Income: Female Ratio, Ages 65-69, South Table 5.1 Labor Income: African American Women, Ages 55-59, West Table 5.2 Labor Income: White Women, Ages 55-59, West Table 5.3 Property Income: African American Women, Ages 65-69, West Table 5.4 Property Income: White Women, Ages 65-69, West Table 5.5 Labor Income: Female Ratio, Ages 55-59, West Table 5.6 Property Income: Female Ratio, Ages 65-69, West 7

Number Table 6.1 Table 6.2 Table 6.3 Table 6.4 Table 6.5 Table 6.6 Table 7.1 Table 7.2 Table 7.3 Table 7.4 Table 7.5 Table 7.6 Table 8.1 Table 8.2 Table 8.3 Table 8.4 Table 8.5 Table 8.6 Table 9.1 Table 9.2 Table 9.3 Table 9.4 Table 9.5 Table 9.6 Table 2 (continued). List of Tables Title Labor Income: African American Men, Ages 55-59, Northeast Labor Income: White Men, Ages 55-59, Northeast Property Income: African American Men, Ages 65-69, Northeast Property Income: White Men, Ages 65-69, Northeast Labor Income: Male Ratio, Ages 55-59, Northeast Property Income: Male Ratio, Ages 65-69, Northeast Labor Income: African American Men, Ages 55-59, Northcentral Labor Income: White Men, Ages 55-59, Northcentral Property Income: African American Men, Ages 65-69, Northcentral Property Income: White Men, Ages 65-69, Northcentral Labor Income: Male Ratio, Ages 55-59, Northcentral Property Income: Male Ratio, Ages 65-69, Northcentral Labor Income: African American Men, Ages 55-59, South Labor Income: White Men, Ages 55-59, South Property Income: African American Men, Ages 65-69, South Property Income: White Men, Ages 65-69, South Labor Income: Male Ratio, Ages 55-59, South Property Income: Male Ratio, Ages 65-69, South Labor Income: African American Men, Ages 55-59, West Labor Income: White Men, Ages 55-59, West Property Income: African American Men, Ages 65-69, West Property Income: White Men, Ages 65-69, West Labor Income: Male Ratio, Ages 55-59, West Property Income: Male Ratio, Ages 65-69, West 8

Northeast Table 1.1. Weekly wage ratio by region: women, ages 55-59 1965-73 1974-80 1981-90 1991-00 2001-06 10% 0.68 0.81 0.93 0.93 1.34 1.14 1.29 1.00 0.99 0.95 Mean 25% 0.76 0.73 1.07 0.81 1.26 1.05 1.20 0.54 0.94 1.06 std. dev. 50% 0.80 0.90 0.92 0.87 1.20 0.92 1.08 0.54 1.00 1.12 coef. var. 75% 0.77 0.25 0.98 0.42 1.14 0.53 1.04 0.21 0.92 1.29 Skew 90% 0.83 0.06 0.98 0.48 1.11 0.18 0.94 0.06 0.88 1.55 Kurtosis Northcentral 10% 0.71 0.76 0.62 0.90 1.43 1.27 1.51 1.27 1.32 1.10 Mean 25% 0.60 0.85 0.74 0.82 1.47 1.24 1.47 1.07 1.20 0.79 std. dev. 50% 0.67 1.12 0.80 0.91 1.19 0.98 1.42 0.84 1.16 0.72 coef. var. 75% 0.77 0.76 0.93 0.16 1.19 0.60 1.18 0.50 1.05 0.29 Skew 90% 0.84 0.46 1.04 0.04 1.18 0.26 1.09 0.22 1.06 0.11 Kurtosis South 10% 0.27 0.47 0.39 0.66 0.75 0.90 0.97 0.94 1.03 1.04 Mean 25% 0.28 0.62 0.44 0.89 0.84 0.82 0.92 0.36 1.04 1.77 std. dev. 50% 0.39 1.31 0.62 1.35 0.83 0.91 1.00 0.38 1.06 1.70 coef. var. 75% 0.48 0.53 0.69 1.22 0.95 0.33 1.04 0.07 1.01 0.88 Skew 90% 0.57 0.20 0.80 0.96 1.01 0.14 1.07 0.01 0.97 0.53 Kurtosis West 10% 0.47 0.73 1.40 0.78 2.29 1.10 0.97 0.94 1.82 1.04 Mean 25% 0.51 1.18 1.02 0.56 1.40 0.82 0.92 0.36 1.17 0.59 std. dev. 50% 0.58 1.61 0.83 0.72 1.04 0.75 1.00 0.38 1.15 0.57 coef. var. 75% 0.62 0.99 0.72 0.29 1.09 0.43 1.04 0.07 1.19 0.29 Skew 90% 0.82 0.38 0.77 0.24 1.08 0.30 1.07 0.01 1.07 0.16 Kurtosis 9

Northeast Table 1.2. Weekly wage ratio by region: men, ages 55-59 1965-73 1974-80 1981-90 1991-00 2001-06 10% 0.59 0.68 0.74 0.85 0.73 0.71 0.84 0.76 1.09 0.81 mean 25% 0.74 0.50 0.91 0.87 0.69 0.37 0.81 0.56 0.83 0.73 std. dev. 50% 0.75 0.73 0.89 1.02 0.70 0.51 0.88 0.73 0.78 0.91 coef. var. 75% 0.75 0.25 0.86 0.63 0.71 0.06 0.81 0.63 0.77 0.43 skew 90% 0.69 0.07 0.84 0.54 0.75 0.01 0.76 0.46 0.73 0.13 kurtosis Northcentral 10% 0.79 0.75 0.95 0.83 0.79 0.80 1.46 0.93 0.83 0.83 mean 25% 0.74 0.80 0.92 0.76 0.83 1.12 1.11 0.51 0.95 0.70 std. dev. 50% 0.76 1.07 0.87 0.91 0.82 1.40 1.01 0.55 0.97 0.84 coef. var. 75% 0.77 1.81 0.78 0.89 0.78 2.81 0.98 0.22 0.89 0.60 skew 90% 0.73 2.65 0.75 0.54 0.73 3.77 0.87 0.15 0.76 0.25 kurtosis South 10% 0.41 0.51 0.43 0.58 0.64 0.65 0.74 0.67 0.89 0.71 mean 25% 0.54 0.48 0.58 0.63 0.59 0.55 0.83 0.41 0.83 0.26 std. dev. 50% 0.53 0.93 0.56 1.09 0.70 0.83 0.79 0.60 0.84 0.37 coef. var. 75% 0.54 0.91 0.58 1.08 0.72 0.21 0.76 0.22 0.74 0.14 skew 90% 0.51 0.75 0.59 1.03 0.64 0.07 0.69 0.08 0.64 0.02 kurtosis West 10% 0.67 0.75 0.74 0.69 0.89 0.74 0.74 0.67 0.52 0.66 mean 25% 0.71 0.86 0.70 0.49 0.86 0.42 0.83 0.41 0.56 0.63 std. dev. 50% 0.71 1.14 0.81 0.71 0.72 0.56 0.79 0.60 0.73 0.95 coef. var. 75% 0.77 0.70 0.72-0.21 0.88 0.02 0.76 0.22 0.76 1.22 skew 90% 0.73 0.28 0.61 0.40 0.65 0.02 0.69 0.08 0.67 1.87 kurtosis 10

Northeast Table 1.3. Interest, dividend, and rental income ratio by region: women, ages 65-69 1968-73 1974-80 1981-90 1991-00 2001-06 10% n.a. 0.09 n.a. 0.11 n.a. 0.19 n.a. 0.31 n.a. 0.42 mean 25% n.a. 0.14 n.a. 0.18 0.00 0.32 0.00 0.66 n.a. 0.71 std. dev. 50% n.a. 1.46 n.a. 1.57 0.00 1.74 0.00 2.15 0.00 1.69 coef. var. 75% 0.00 0.69 0.00 0.83 0.06 1.16 0.03 1.17 0.05 1.84 skew 90% 0.00 0.42 0.05 0.52 0.14 0.99 0.15 1.05 0.29 3.10 kurtosis Northcentral 10% n.a. 0.17 n.a. 0.18 n.a. 0.17 n.a. 0.35 n.a. 0.29 mean 25% n.a. 0.32 n.a. 0.38 0.00 0.35 0.00 0.72 n.a. 0.49 std. dev. 50% n.a. 1.84 n.a. 2.11 0.00 2.06 0.00 2.06 0.00 1.70 coef. var. 75% 0.00 0.99 0.00 1.52 0.03 1.16 0.05 1.26 0.03 1.31 skew 90% 0.00 0.73 0.05 1.45 0.08 1.01 0.14 1.05 0.16 1.34 kurtosis South 10% n.a. 0.11 n.a. 0.07 n.a. 0.10 n.a. 0.27 n.a. 0.29 mean 25% n.a. 0.14 n.a. 0.13 n.a. 0.17 n.a. 0.84 n.a. 0.58 std. dev. 50% n.a. 1.26 n.a. 1.85 0.00 1.78 0.00 3.06 0.00 2.01 coef. var. 75% 0.00 0.24 0.00 1.22 0.00 1.04 0.01 2.44 0.00 2.12 skew 90% 0.00 0.26 0.02 1.12 0.06 0.79 0.05 4.47 0.12 4.37 kurtosis West 10% n.a. 0.25 n.a. 0.11 n.a. 0.27 n.a. 0.27 n.a. 0.40 mean 25% n.a. 0.46 n.a. 0.13 0.00 0.45 n.a. 0.84 n.a. 0.69 std. dev. 50% n.a. 1.80 0.00 1.13 0.00 1.67 0.00 3.06 0.00 1.74 coef. var. 75% 0.00 1.27 0.00 0.45 0.06 1.11 0.01 2.44 0.03 1.18 skew 90% 0.08 1.30 0.09 0.19 0.31 0.92 0.05 4.47 0.15 1.02 kurtosis 11

Northeast Table 1.4. Interest, dividend, and rental income ratio by region: men, ages 65-69 1968-73 1974-80 1981-90 1991-00 2001-06 10% n.a. 0.10 n.a. 0.18 n.a. 0.23 n.a. 0.71 n.a. 0.39 mean 25% n.a. 0.11 n.a. 0.57 0.00 0.33 0.00 1.10 n.a. 0.61 std. dev. 50% 0.00 1.10 0.00 3.19 0.00 1.42 0.02 1.55 0.00 1.56 coef. var. 75% 0.00 0.60 0.00 1.56 0.05 0.74 0.27 1.11 0.06 1.28 skew 90% 0.14 0.30 0.09 1.44 0.21 0.42 0.61 0.87 0.23 1.33 kurtosis Northcentral 10% n.a. 0.11 n.a. 0.24 n.a. 0.36 n.a. 0.53 n.a. 0.34 mean 25% n.a. 0.13 n.a. 0.33 0.00 1.10 0.00 1.12 n.a. 0.70 std. dev. 50% 0.00 1.21 0.00 1.40 0.00 3.04 0.00 2.09 0.00 2.03 coef. var. 75% 0.00 0.48 0.01 0.53 0.04 2.13 0.08 1.10 0.04 2.16 skew 90% 0.10 0.17 0.24 0.17 0.24 2.89 0.27 0.64 0.18 4.23 kurtosis South 10% n.a. 0.05 n.a. 0.04 n.a. 0.10 n.a. 0.24 n.a. 0.39 mean 25% n.a. 0.06 n.a. 0.10 n.a. 0.17 n.a. 0.41 n.a. 0.65 std. dev. 50% n.a. 1.23 0.00 2.25 0.00 1.73 0.00 1.70 0.00 1.67 coef. var. 75% 0.00 0.59 0.00 1.63 0.00 0.99 0.01 1.35 0.03 1.40 skew 90% 0.00 0.31 0.01 2.20 0.05 0.84 0.16 1.60 0.18 1.58 kurtosis West 10% n.a. 0.18 n.a. 0.03 n.a. 0.08 n.a. 0.24 n.a. 0.33 mean 25% n.a. 0.39 n.a. 0.09 0.00 0.12 n.a. 0.41 n.a. 0.52 std. dev. 50% 0.00 2.14 0.00 3.54 0.00 1.51 0.00 1.70 0.00 1.60 coef. var. 75% 0.00 0.33 0.00 2.16 0.03 0.95 0.01 1.35 0.08 1.38 skew 90% 0.10 0.37 0.01 2.95 0.10 0.83 0.16 1.60 0.24 1.53 kurtosis 12

Table 2.1. Labor Income: African American Women, Ages 55-59, Northeast 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 125 230 176 57 226 134 238 144 257 206 N 25% 247 417.37 372 525.81 388 645.99 387 713.45 421 890.28 Mean 50% 370 276 489 271 597 438 628 543 718 1031 std. dev. 75% 498 1 694 1 819 1 912 1 1038 1 coef. var. 90% 719 2.16203 937 0.61615 1094 2.4934 1227 4.22759 1489 6.48266 skew 95% 986 11.4337 954 3.57522 1213 13.63 1513 36.7641 1787 59.7923 kurtosis Total income 10% 0 403 3625 131 1572 213 2775 242 5684 308 N 25% 4243 13659 7119 16950 7940 25347 10616 27736 12963 35844 Mean 50% 10951 12981.2 10735 16753.4 20358 24761.2 22185 23196.5 30337 44626.4 std. dev. 75% 19982 0.95037 21823 0.9884 35756 0.9769 39701 0.83633 46402 1.24503 coef. var. 90% 29202 2 37175 3 50170 2 59499 1 63180 8 skew 95% 38452 6 49624 16 63946 12 72609 6 85423 86 kurtosis Wage & salary 10% 0 403 0 131 0 213 0 242 0 308 N 25% 0 10789.8 0 10388.3 0 19335 0 20155.4 0 28121.6 Mean 50% 6178 12985 0 15106 11836 24145 13817 23285 20645 46200 std. dev. 75% 18538 1 19956 1 32516 1 35170 1 42689 2 coef. var. 90% 26648 1 36099 1 47148 2 54767 1 59871 7 skew 95% 37350 4.41 43346 3.68 57397 10.78 62804 4.54 79684 79.38 kurtosis Unearned income 10% 0 89 200 74 51 213 48 242 19 308 N 25% 0 2798 1312 6992 209 5828 187 7489 169 7537 Mean 50% 0 10809 5659 7266 2631 9169 2105 11411 2222 11826 std. dev. 75% 90 3.86 10092 1.04 8514 1.57 10820 1.52 10271 1.57 coef. var. 90% 6222 6 11097 2 13842 4 19532 3 22549 3 skew 95% 12326 43 21513 11 18802 25 28577 14 31984 14 kurtosis Earnings 10% 0 74 0 213 0 242 0 308 N 25% 0 9036.11 0 19518.4 0 20247 0 28306.7 Mean 50% 0 15474 12611 24078 14230 23230 20645 46276 std. dev. 75% 20098 2 32516 1 35170 1 42689 2 coef. var. 90% 35431 2 47148 2 54767 1 59871 7 skew 95% 44049 4.22 57397 10.83 62804 4.56 79684 78.77 kurtosis 13

Table 2.2. Labor Income: White Women, Ages 55-59, Northeast 1965-73 1974-80 1981-90 1991-00 2001-06 Percentile Percentile Percentile Percentile Percentile Weekly wage 10% 185 3726 190 1426 169 3077 185 2585 258 2538 N 25% 325 516.334 346 565.025 307 565.697 322 714.897 447 935.014 Mean 50% 465 379.448 532 334.045 499 417.45 582 1004.94 716 970.767 std. dev. 75% 643 1 709 1 721 1 880 1 1135 1 coef. var. 90% 863 9 956 1 987 5 1308 20 1692 5 skew 95% 1036 183 1158 8 1260 77 1629 575 2107 39 kurtosis Total income 10% 0 7304 0 2556 508 5325 1206 3965 2879 3585 N 25% 0 14563 3575 21159 4491 22379 8036 30846 13069 42142 Mean 50% 8400 19638 15855 21881 15955 24640 22716 36143 31172 50360 std. dev. 75% 24320 1 32596 1 33046 1 42789 1 55176 1 coef. var. 90% 37333 4.92 47730 1.90 50468 3.48 66741 5.14 86902 5.13 skew 95% 46692 78 60214 10 64461 42 84578 59 109644 45 kurtosis Wage & salary 10% 0 7304 0 2556 0 5325 0 3965 0 3585 N 25% 0 12112.2 0 15310.9 0 15187.2 0 21714.9 0 31812.2 Mean 50% 1244 16251 6805 18991.8 6072 19634.7 13603 30945.9 23009 45532.9 std. dev. 75% 22186 1.34171 27848 1.2404 26620 1.29284 34394 1.4251 45000 1.4313 coef. var. 90% 34610 1.7197 40892 1.41277 41317 1.70835 54603 5.75892 75000 5.03159 skew 95% 42847 8 49983 6 51124 8 69261 76 90715 43 kurtosis Unearned income 10% 0 1871 133 1766 97 5325 68 3965 46 3585 N 25% 0 1818.32 562 6276.88 444 6732.06 359 8178.2 251 8731.95 Mean 50% 0 8540.49 2777 10985.9 2218 14069.4 2171 16553.5 1739 17515 std. dev. 75% 156 4.69693 7797 1.75022 7606 2.08992 8622 2.0241 9222 2.00585 coef. var. 90% 4916 15.2134 14721 5.68296 16052 7.38869 21819 4.57445 23403 3.6384 skew 95% 9600 344 21990 55 27068 108 36975 32 45662 19 kurtosis Earnings 10% 0 1766 0 5325 0 3965 0 3585 N 25% 0 17741.5 0 15647.1 0 22667.5 0 33410.1 Mean 50% 11107 21422.7 7761 19833.4 14802 31540 25043 46970.2 std. dev. 75% 30545 1.20749 27159 1.26754 35128 1.39142 46958 1.40587 coef. var. 90% 44398 1.6466 41782 1.73331 55656 5.66346 76696 5.15262 skew 95% 54891 7 51929 8 70669 72 93130 44 kurtosis 14

Table 2.3. Property Income: African American Women, Ages 65-69, Northeast 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 205 0 181 0 403 0 389 0 432 N 25% 0 176 0 292 0 945 0 1496 0 1534 Mean 50% 0 1280 0 1421 0 3815 0 10318 0 8257 std. dev. 75% 0 7 0 5 304 4 112 7 97 5 coef. var. 90% 0 11 328 7 1940 8 1748 11 2653 11 skew 95% 232 137 1913 55 4657 88 3520 134 8385 156 kurtosis IDRSS 10% 0 205 120 181 2439 403 2479 389 1608 432 N 25% 0 3242 3933 6566 4986 8118 5821 9575 6030 9944 Mean 50% 3226 3602 6732 3856 7529 5341 8288 11011 8879 9294 std. dev. 75% 5476 1 9111 1 10323 1 11014 1 12327 1 coef. var. 90% 7828 1 11178 0 13651 3 14925 8 16261 7 skew 95% 9000 8 13240 3 15978 22 17063 82 19423 83 kurtosis IDRSSP 10% 3451 152 2959 403 4097 389 4335 432 N 25% 4358 8315 5526 9967 6288 12818 7144 13836 Mean 50% 7810 5586 8139 8188 8905 17128 10245 14794 std. dev. 75% 11177 1 11397 1 14085 1 15462 1 coef. var. 90% 13565 3 17869 3 24195 9 25066 6 skew 95% 15270 22 26166 12 33821 120 36000 58 kurtosis IDRSPCH 10% 5119 403 6191 389 5078 432 N 25% 7301 15855 8196 18141 8278 17349 Mean 50% 12959 11848 13306 19073 12021 19363 std. dev. 75% 20945 1 23053 1 20476 1 coef. var. 90% 30412 2 33871 7 31968 8 skew 95% 36507 8 45072 85 50592 108 kurtosis 15

Table 2.4. Property Income: White Women, Ages 65-69, Northeast 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 4003 0 3632 0 6549 0 4908 0 2905 N 25% 0 1883 0 2562 2 5084 1 4887 0 3647 Mean 50% 0 9414 0 7928 937 11818 562 15680 154 11610 std. dev. 75% 498 5 1730 3 5094 2 3630 3 1937 3 coef. var. 90% 4346 15 7009 8 14371 7 11928 9 9024 6 skew 95% 8450 329 12523 104 23283 89 20818 129 16524 50 kurtosis IDRSS 10% 0 4003 3525 3632 3679 6549 3552 4908 4577 2905 N 25% 0 6142 5543 9881 6264 12478 6480 12726 7231 12878 Mean 50% 4915 10288 8287 9135 9415 12748 9436 16545 10232 12809 std. dev. 75% 8213 2 11803 1 14530 1 13927 1 14262 1 coef. var. 90% 12096 12 16635 6 23418 6 21452 8 20891 5 skew 95% 16051 235 22130 71 32220 69 30588 104 30472 36 kurtosis IDRSSP 10% 4275 3011 4116 6549 4038 4908 5179 2905 N 25% 5935 12287 6543 14340 6808 14999 7462 15418 Mean 50% 9108 12244 10304 14626 10506 18283 11130 15406 std. dev. 75% 14292 1 17191 1 16745 1 17318 1 coef. var. 90% 23476 5 28248 5 28769 6 29522 4 skew 95% 31604 56 39200 44 40472 71 44117 23 kurtosis IDRSPCH 10% 7811 6549 7945 4908 7008 2905 N 25% 13037 23692 12115 23454 10272 20688 Mean 50% 20830 17686 18364 22797 15532 19949 std. dev. 75% 29140 1 27797 1 24625 1 coef. var. 90% 41016 4 41763 6 37210 4 skew 95% 52817 42 54003 72 53148 33 kurtosis 16

Table 2.5. Labor Income: Female Ratio, Ages 55-59, Northeast 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 0.68 0.06 0.93 0.04 1.34 0.04 1.29 0.06 0.99 0.08 Mean 25% 0.76 0.81 1.07 0.93 1.26 1.14 1.20 1.00 0.94 0.95 std. dev. 50% 0.80 0.73 0.92 0.81 1.20 1.05 1.08 0.54 1.00 1.06 coef. var. 75% 0.77 0.90 0.98 0.87 1.14 0.92 1.04 0.54 0.92 1.12 skew 90% 0.83 0.25 0.98 0.42 1.11 0.53 0.94 0.21 0.88 1.29 kurtosis 95% 0.95 0.06 0.82 0.48 0.96 0.18 0.93 0.06 0.85 1.55 Total income 10% 0.06 0.05 3.10 0.04 2.30 0.06 1.97 0.09 Mean 25% 0.94 1.99 0.80 1.77 1.13 1.32 0.90 0.99 0.85 std. dev. 50% 1.30 0.66 0.68 0.77 1.28 1.00 0.98 0.64 0.97 0.89 coef. var. 75% 0.82 0.70 0.67 0.96 1.08 0.89 0.93 0.71 0.84 1.04 skew 90% 0.78 0.31 0.78 1.46 0.99 0.66 0.89 0.26 0.73 1.47 kurtosis 95% 0.82 0.08 0.82 1.63 0.99 0.28 0.86 0.09 0.78 1.91 Wage & salary 10% 0.06 0.05 0.04 0.06 0.09 Mean 25% 0.89 0.68 1.27 0.93 0.88 std. dev. 50% 0.80 0.80 1.23 1.02 0.75 0.90 1.01 coef. var. 75% 0.84 0.90 0.72 1.17 1.22 0.97 1.02 0.81 0.95 1.15 skew 90% 0.77 0.76 0.88 0.93 1.14 1.22 1.00 0.21 0.80 1.41 kurtosis 95% 0.87 0.53 0.87 0.65 1.12 1.41 0.91 0.06 0.88 1.85 Unearned income 10% 0.05 1.50 0.04 0.52 0.04 0.70 0.06 0.42 0.09 Mean 25% 1.54 2.33 1.11 0.47 0.87 0.52 0.92 0.67 0.86 std. dev. 50% 1.27 2.04 0.66 1.19 0.65 0.97 0.69 1.28 0.68 coef. var. 75% 0.82 1.29 0.59 1.12 0.75 1.25 0.75 1.11 0.78 skew 90% 1.27 0.41 0.75 0.42 0.86 0.52 0.90 0.63 0.96 0.77 kurtosis 95% 1.28 0.12 0.98 0.20 0.69 0.23 0.77 0.44 0.70 0.71 Earnings 10% 0.04 0.04 0.06 0.09 Mean 25% 0.51 1.25 0.89 0.85 std. dev. 50% 0.00 0.72 1.62 1.21 0.96 0.74 0.82 0.99 coef. var. 75% 0.66 1.42 1.20 0.97 1.00 0.82 0.91 1.16 skew 90% 0.80 0.94 1.13 1.21 0.98 0.21 0.78 1.37 kurtosis 95% 0.80 0.57 1.11 1.35 0.89 0.06 0.86 1.78 17

Table 2.6. Property Income: Female Ratio, Ages 65-69, Northeast 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0.09 0.11 0.19 0.31 0.42 Mean 25% 0.14 0.18 0.32 0.66 0.71 std. dev. 50% 1.46 1.57 0.00 1.74 0.00 2.15 0.00 1.69 coef. var. 75% 0.00 0.69 0.00 0.83 0.06 1.16 0.03 1.17 0.05 1.84 skew 90% 0.00 0.42 0.05 0.52 0.14 0.99 0.15 1.05 0.29 3.10 kurtosis 95% 0.03 0.15 0.20 0.17 0.51 IDRSS 10% 0.53 0.03 0.66 0.66 0.65 0.70 0.75 0.35 0.77 Mean 25% 0.35 0.71 0.42 0.80 0.42 0.90 0.67 0.83 0.73 std. dev. 50% 0.66 0.66 0.81 0.64 0.80 0.64 0.88 0.88 0.87 0.94 coef. var. 75% 0.67 0.12 0.77 0.03 0.71 0.48 0.79 0.96 0.86 1.51 skew 90% 0.65 0.03 0.67 0.04 0.58 0.32 0.70 0.79 0.78 2.30 kurtosis 95% 0.56 0.60 0.50 0.56 0.64 IDRSSP 10% 0.81 0.68 0.72 0.70 1.01 0.85 0.84 0.90 Mean 25% 0.73 0.46 0.84 0.56 0.92 0.94 0.96 0.96 std. dev. 50% 0.86 0.67 0.79 0.81 0.85 1.10 0.92 1.07 coef. var. 75% 0.78 0.57 0.66 0.55 0.84 1.39 0.89 1.53 skew 90% 0.58 0.39 0.63 0.26 0.84 1.68 0.85 2.59 kurtosis 95% 0.48 0.67 0.84 0.82 IDRSPCH 10% 0.66 0.67 0.78 0.77 0.72 0.84 Mean 25% 0.56 0.67 0.68 0.84 0.81 0.97 std. dev. 50% 0.62 1.00 0.72 1.08 0.77 1.16 coef. var. 75% 0.72 0.46 0.83 1.12 0.83 1.76 skew 90% 0.74 0.20 0.81 1.19 0.86 3.27 kurtosis 95% 0.69 0.83 0.95 18

Table 3.1. Labor Income: African American Women, Ages 55-59, Northcentral 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 74 273 99 80 179 130 216 136 268 194 N 25% 148 359.20 219 472.29 375 667.93 431 767.02 458 805.53 Mean 50% 291 275 378 324 533 544 725 509 715 505 std. dev. 75% 479 1 641 1 804 1 939 1 993 1 coef. var. 90% 718 1.33088 961 1.0868 1125 2.54496 1275 1.74293 1401 1.52842 skew 95% 1016 4.78369 977 4.63963 1446 11.471 1730 7.93431 1731 6.16298 kurtosis Total income 10% 0 518 0 156 2820 236 2460 245 7356 341 N 25% 0 10610 5510 17368 7648 23727 8895 29557 12515 33734 Mean 50% 6374 13182.1 12563 16397.1 17584 25867.9 25449 25171.8 26746 29891.8 std. dev. 75% 15444 1.24242 28249 0.9441 30790 1.09023 44485 0.85162 44686 0.88611 coef. var. 90% 26083 2 40995 1 52874 3 64723 1 68410 2 skew 95% 36844 7 50298 5 63570 23 84706 4 87305 11 kurtosis Wage & salary 10% 0 518 0 156 0 236 0 245 0 341 N 25% 0 8785.71 0 11521.2 0 16831.9 0 20200.4 0 22383 Mean 50% 1244 13022 0 16952 4188 24193 8994 24459 13600 26815 std. dev. 75% 14194 1 18764 1 27677 1 37682 1 39222 1 coef. var. 90% 25884 2 35431 2 45985 3 53016 1 59194 1 skew 95% 34827 7.08 49983 5.76 56269 13.68 64661 3.94 73992 4.54 kurtosis Unearned income 10% 0 133 110 92 94 236 68 245 42 341 N 25% 0 829 383 7264 468 6676 376 9162 297 10332 Mean 50% 0 2096 5161 7586 3168 9294 4008 12932 5712 16369 std. dev. 75% 0 2.53 11107 1.04 8939 1.39 11432 1.41 13006 1.58 coef. var. 90% 3533 3 16610 1 17450 3 26209 2 27396 4 skew 95% 6048 11 22483 4 24836 11 35380 8 38438 30 kurtosis Earnings 10% 0 92 0 236 0 245 0 341 N 25% 0 11135.3 0 17051.3 0 20395.4 0 23402.1 Mean 50% 850 15865 5278 24141 10883 24367 14256 29429 std. dev. 75% 17934 1 28104 1 37682 1 39000 1 coef. var. 90% 34347 1 45985 3 53016 1 60514 2 skew 95% 49983 3.82 56269 13.70 64661 3.96 75000 9.26 kurtosis 19

Table 3.2. Property Income: African American Women, Ages 65-69, Northcentral 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 234 0 229 0 367 0 355 0 373 N 25% 0 288 0 487 0 943 0 1488 0 981 Mean 50% 0 1918 0 2466 0 4075 0 7849 0 5132 std. dev. 75% 0 7 0 5 184 4 204 5 68 5 coef. var. 90% 0 8 436 8 1154 7 1500 9 1281 9 skew 95% 440 80 2377 76 3315 55 6784 83 5052 96 kurtosis IDRSS 10% 0 234 2564 229 3003 367 2167 355 2005 373 N 25% 0 3765 4078 6606 4931 8212 5329 9774 6284 9712 Mean 50% 3560 3747 5946 4425 7201 6199 8104 10919 8896 7594 std. dev. 75% 5405 1 8773 1 9857 1 11098 1 12399 1 coef. var. 90% 7844 2 10856 3 13425 3 15182 5 15888 4 skew 95% 9357 9 13188 18 18337 19 18193 33 18430 25 kurtosis IDRSSP 10% 3452 178 3656 367 3434 355 3538 373 N 25% 4388 7124 5431 10729 6342 12052 6939 13082 Mean 50% 6384 4311 7847 10601 8853 12913 10022 11160 std. dev. 75% 9070 1 11392 1 13625 1 15062 1 coef. var. 90% 11957 3 20103 4 20203 4 26641 2 skew 95% 14449 17 32975 21 28965 25 33815 10 kurtosis IDRSPCH 10% 4515 367 6224 355 5538 373 N 25% 7984 15361 9028 16520 8197 15846 Mean 50% 12717 12810 12445 14747 12567 13186 std. dev. 75% 17858 1 19295 1 17842 1 coef. var. 90% 27604 3 28964 4 30465 3 skew 95% 40107 13 41443 22 40772 13 kurtosis 20

Table 3.3. Labor Income: White Women, Ages 55-59, Northcentral 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 104 3617 160 1440 125 3065 143 2804 203 2848 N 25% 248 470 295 525 256 526 293 603 382 734 Mean 50% 431 323 473 396 448 437 509 477 616 637 std. dev. 75% 621 1 689 1 675 1 794 1 941 1 coef. var. 90% 850 2 928 7 955 4 1170 3 1327 5 skew 95% 1022 10 1088 111 1152 44 1395 36 1643 56 kurtosis Total income 10% 0 7734 0 2660 351 5650 979 4344 1961 4010 N 25% 0 12522 2072 19126 2917 20104 7014 26208 10906 33171 Mean 50% 4724 16793 13884 20018 13579 23219 19865 26872 26866 33593 std. dev. 75% 21488 1 30277 1 29850 1 37004 1 45582 1 coef. var. 90% 35304 2 45633 2 46585 3 59355 3 68888 4 skew 95% 43804 10 55537 8 58831 22 74108 24 88349 40 kurtosis Wage & salary 10% 0 7734 0 2660 0 5650 0 4344 0 4010 N 25% 0 10130 0 13326 0 13174 0 18497 0 24402 Mean 50% 0 15010 3378 17340 2652 18749 11116 23301 18826 30860 std. dev. 75% 18832 1 24536 1 23006 1 30175 1 37353 1 coef. var. 90% 32356 2 37491 2 38458 2 48987 3 57230 5 skew 95% 40262 7 46757 7 48050 14 62281 32 70194 54 kurtosis Unearned income 10% 0 1957 112 1793 93 5650 64 4344 29 4010 N 25% 0 1309 479 6356 406 6355 313 6783 202 7568 Mean 50% 0 6231 2657 11769 2045 13137 1838 14185 1492 15121 std. dev. 75% 0 5 7678 2 7134 2 7410 2 8016 2 coef. var. 90% 3072 12 15815 6 15785 6 17585 6 21103 4 skew 95% 7142 187 24736 59 24584 67 29026 65 37681 34 kurtosis Earnings 10% 0 1793 0 5650 0 4344 0 4010 N 25% 0 15555 0 13749 0 19424 0 25603 Mean 50% 9061 18618 4599 18867 12582 23437 20489 31314 std. dev. 75% 28137 1 23858 1 30920 1 38362 1 coef. var. 90% 40196 1 39019 2 50243 3 58698 5 skew 95% 49983 7 48578 14 62924 31 72000 52 kurtosis 21

Table 3.4. Property Income: White Women, Ages 65-69, Northcentral 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 4335 0 4068 0 6728 0 5085 0 3275 N 25% 0 1660 0 2736 85 5615 15 4250 0 3372 Mean 50% 0 6024 0 6562 1442 11765 686 10877 231 10384 std. dev. 75% 412 4 2282 2 6476 2 3930 3 2440 3 coef. var. 90% 4345 9 8507 5 14962 6 10826 7 8083 7 skew 95% 9054 109 14638 52 23385 55 18416 78 14851 72 kurtosis IDRSS 10% 0 4335 3127 4068 3968 6728 4079 5085 4089 3275 N 25% 0 5711 5046 9642 6335 12888 6478 12115 6830 12116 Mean 50% 4420 7408 7789 8066 9819 12599 9547 12536 9709 11779 std. dev. 75% 7856 1 11863 1 15322 1 13929 1 14175 1 coef. var. 90% 11947 5 18085 4 23731 5 20403 6 19500 5 skew 95% 16118 53 23470 30 32386 40 28461 83 26598 46 kurtosis IDRSSP 10% 3680 3413 4335 6728 4565 5085 5144 3275 N 25% 5343 11656 6578 14486 6793 14237 7194 15088 Mean 50% 8619 10200 10648 14036 10593 14224 10908 14915 std. dev. 75% 14421 1 17729 1 16612 1 17262 1 coef. var. 90% 23487 3 28105 4 26457 5 28777 4 skew 95% 29941 22 37907 36 37540 55 39462 27 kurtosis IDRSPCH 10% 7832 6728 7661 5085 6522 3275 N 25% 11990 21086 11071 20029 9562 19079 Mean 50% 17248 16414 16003 16218 14380 17341 std. dev. 75% 25595 1 23605 1 22433 1 coef. var. 90% 37096 4 35396 4 34979 4 skew 95% 47518 44 46864 39 49452 24 kurtosis 22

Table 3.5. Labor Income: Female Ratio, Ages 55-59, Northcentral 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 0.71 0.08 0.62 0.06 1.43 0.04 1.51 0.05 1.32 0.07 Mean 25% 0.60 0.76 0.74 0.90 1.47 1.27 1.47 1.27 1.20 1.10 std. dev. 50% 0.67 0.85 0.80 0.82 1.19 1.24 1.42 1.07 1.16 0.79 coef. var. 75% 0.77 1.12 0.93 0.91 1.19 0.98 1.18 0.84 1.05 0.72 skew 90% 0.84 0.76 1.04 0.16 1.18 0.60 1.09 0.50 1.06 0.29 kurtosis 95% 0.99 0.46 0.90 0.04 1.26 0.26 1.24 0.22 1.05 0.11 Total income 10% 0.07 0.06 8.03 0.04 2.51 0.06 3.75 0.09 Mean 25% 0.85 2.66 0.91 2.62 1.18 1.27 1.13 1.15 1.02 std. dev. 50% 1.35 0.78 0.90 0.82 1.29 1.11 1.28 0.94 1.00 0.89 coef. var. 75% 0.72 0.93 0.93 0.90 1.03 0.94 1.20 0.83 0.98 0.87 skew 90% 0.74 0.94 0.90 0.78 1.14 1.13 1.09 0.38 0.99 0.55 kurtosis 95% 0.84 0.71 0.91 0.60 1.08 1.04 1.14 0.17 0.99 0.26 Wage & salary 10% 0.07 0.06 0.04 0.06 0.09 Mean 25% 0.87 0.86 1.28 1.09 0.92 std. dev. 50% 0.87 0.98 1.29 0.81 1.05 0.72 0.87 coef. var. 75% 0.75 1.00 0.76 1.13 1.20 1.01 1.25 0.96 1.05 0.95 skew 90% 0.80 1.12 0.95 1.10 1.20 1.09 1.08 0.38 1.03 0.28 kurtosis 95% 0.87 1.03 1.07 0.88 1.17 0.98 1.04 0.12 1.05 0.08 Unearned income 10% 0.07 0.98 0.05 1.01 0.04 1.06 0.06 1.44 0.09 Mean 25% 0.63 0.80 1.14 1.15 1.05 1.20 1.35 1.47 1.37 std. dev. 50% 0.34 1.94 0.64 1.55 0.71 2.18 0.91 3.83 1.08 coef. var. 75% 0.53 1.45 0.56 1.25 0.67 1.54 0.67 1.62 0.79 skew 90% 1.15 0.23 1.05 0.21 1.11 0.40 1.49 0.36 1.30 0.97 kurtosis 95% 0.85 0.06 0.91 0.07 1.01 0.17 1.22 0.13 1.02 0.87 Earnings 10% 0.05 0.04 0.06 0.09 Mean 25% 0.72 1.24 1.05 0.91 std. dev. 50% 0.09 0.85 1.15 1.28 0.86 1.04 0.70 0.94 coef. var. 75% 0.64 1.19 1.18 1.03 1.22 0.99 1.02 1.03 skew 90% 0.85 0.95 1.18 1.11 1.06 0.39 1.03 0.42 kurtosis 95% 1.00 0.57 1.16 0.99 1.03 0.13 1.04 0.18 23

Table 3.6. Property Income: Female Ratio, Ages 65-69, Northcentral 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0.17 0.18 0.17 0.35 0.29 Mean 25% 0.32 0.38 0.35 0.72 0.49 std. dev. 50% 1.84 2.11 0.00 2.06 0.00 2.06 0.00 1.70 coef. var. 75% 0.00 0.99 0.00 1.52 0.03 1.16 0.05 1.26 0.03 1.31 skew 90% 0.00 0.73 0.05 1.45 0.08 1.01 0.14 1.05 0.16 1.34 kurtosis 95% 0.05 0.16 0.14 0.37 0.34 IDRSS 10% 0.66 0.82 0.69 0.76 0.64 0.53 0.81 0.49 0.80 Mean 25% 0.51 0.81 0.55 0.78 0.49 0.82 0.87 0.92 0.64 std. dev. 50% 0.81 0.77 0.76 0.80 0.73 0.77 0.85 1.08 0.92 0.80 coef. var. 75% 0.69 0.35 0.74 0.74 0.64 0.66 0.80 0.78 0.87 0.67 skew 90% 0.66 0.16 0.60 0.59 0.57 0.48 0.74 0.40 0.81 0.55 kurtosis 95% 0.58 0.56 0.57 0.64 0.69 IDRSSP 10% 0.94 0.61 0.84 0.74 0.75 0.85 0.69 0.87 Mean 25% 0.82 0.42 0.83 0.76 0.93 0.91 0.96 0.75 std. dev. 50% 0.74 0.69 0.74 1.02 0.84 1.07 0.92 0.86 coef. var. 75% 0.63 0.80 0.64 0.84 0.82 0.84 0.87 0.62 skew 90% 0.51 0.75 0.72 0.58 0.76 0.46 0.93 0.38 kurtosis 95% 0.48 0.87 0.77 0.86 IDRSPCH 10% 0.58 0.73 0.81 0.82 0.85 0.83 Mean 25% 0.67 0.78 0.82 0.91 0.86 0.76 std. dev. 50% 0.74 1.07 0.78 1.10 0.87 0.92 coef. var. 75% 0.70 0.63 0.82 0.89 0.80 0.73 skew 90% 0.74 0.29 0.82 0.57 0.87 0.54 kurtosis 95% 0.84 0.88 0.82 24

Table 4.1. Labor Income: African American Women, Ages 55-59, South 1968-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 31 872 65 209 110 335 175 365 246 577 N 25% 72 222 132 340 241 495 304 643 448 926 Mean 50% 156 229 276 284 389 409 537 478 734 2342 std. dev. 75% 288 1 466 1 681 1 845 1 1051 3 coef. var. 90% 485 2 748 2 989 3 1261 2 1509 21 skew 95% 691 11 945 6 1219 26 1513 10 1791 462 kurtosis Total income 10% 0 1604 3 438 2156 647 4779 624 6697 1011 N 25% 0 6975 4047 11704 6476 17294 8010 25149 10245 31620 Mean 50% 3955 9960 8342 12253 12015 16657 17580 23750 23253 30073 std. dev. 75% 9082 1 15310 1 24309 1 35183 1 45017 1 coef. var. 90% 17379 3 26230 2 41875 2 57313 2 67418 3 skew 95% 25321 15 36993 9 48248 15 69752 9 83613 29 kurtosis Wage & salary 10% 0 1604 0 438 0 647 0 624 0 1011 N 25% 0 5448 0 7511 0 11970 0 17759 0 22492 Mean 50% 815 9675 0 12616 3134 16160 8994 23076 12807 29315 std. dev. 75% 7690 2 11331 2 19350 1 29683 1 39443 1 coef. var. 90% 16211 3 24357 2 37604 1 49652 2 57000 3 skew 95% 23172 17 34350 9 44366 5 64314 6 71317 29 kurtosis Unearned income 10% 0 475 124 270 31 647 56 624 38 1011 N 25% 0 1096 928 5767 209 5295 385 7088 455 8801 Mean 50% 0 2529 4749 5917 2833 7748 4315 11080 5697 13990 std. dev. 75% 162 2 8331 1 7625 1 9191 2 10833 2 coef. var. 90% 4480 3 11444 2 13244 6 16931 7 20442 4 skew 95% 5632 18 15170 11 18950 118 24209 85 28946 26 kurtosis Earnings 10% 0 270 0 647 0 624 0 1011 N 25% 0 7544 0 11999 0 18061 0 22819 Mean 50% 0 13602 3549 16213 9647 23060 13148 29480 std. dev. 75% 10629 2 19350 1 30252 1 40000 1 coef. var. 90% 25340 2 37604 1 49652 2 57994 3 skew 95% 37104 8 44366 5 64314 6 72313 28 kurtosis 25

Table 4.2. Property Income: African American Women, Ages 65-69, South 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 942 0 961 0 1349 0 1115 0 1286 N 25% 0 208 0 203 0 528 0 1243 0 990 Mean 50% 0 1311 0 1205 0 2136 0 11229 0 6335 std. dev. 75% 0 6 0 6 11 4 32 9 5 6 coef. var. 90% 5 4 139 9 945 7 610 18 903 13 skew 95% 875 90 641 108 2996 58 2721 385 3397 211 kurtosis IDRSS 10% 0 942 1963 961 2810 1349 2697 1115 2747 1286 N 25% 0 3238 3633 5422 3902 6393 4831 8185 5505 9101 Mean 50% 3242 3173 4798 3189 5598 4049 7018 12497 8121 8489 std. dev. 75% 4762 1 6784 1 7879 1 9187 2 10950 1 coef. var. 90% 6767 2 9585 1 10904 2 12307 15 14111 7 skew 95% 8174 14 11368 7 13549 15 15058 304 17695 81 kurtosis IDRSSP 10% 2669 804 3016 1349 3238 1115 4182 1286 N 25% 3792 6450 4046 7589 5176 10392 6403 12429 Mean 50% 5052 5682 5864 6646 7346 14496 8862 13644 std. dev. 75% 7299 1 8594 1 10483 1 12775 1 coef. var. 90% 10983 5 13144 4 19312 10 23835 5 skew 95% 14155 42 18670 21 28136 168 36791 34 kurtosis IDRSPCH 10% 4090 1349 5113 1115 5373 1286 N 25% 6402 12288 7374 14649 7587 15486 Mean 50% 10469 9071 10629 19956 10959 16244 std. dev. 75% 15491 1 15553 1 16833 1 coef. var. 90% 22180 2 26732 13 28393 4 skew 95% 28174 13 39875 250 43055 28 kurtosis 26

Table 4.3. Labor Income: White Women, Ages 55-59, South 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 116 3187 168 1271 147 2800 181 2606 238 2307 N 25% 260 469 304 516 286 550 331 684 431 892 Mean 50% 401 369 444 318 469 501 537 1340 695 1324 std. dev. 75% 604 1 671 1 717 1 815 2 1044 1 coef. var. 90% 851 5 935 1 983 10 1177 26 1552 24 skew 95% 1046 55 1090 6 1207 188 1437 860 2001 865 kurtosis Total income 10% 0 7395 0 2719 529 5635 816 4492 1215 3806 N 25% 0 11885 2555 17609 4048 21190 6608 27199 9306 35665 Mean 50% 3840 17747 11905 19397 14126 24316 19845 33399 25890 42744 std. dev. 75% 19413 1 26614 1 30574 1 37726 1 48442 1 coef. var. 90% 33849 4 42398 2 49445 3 57899 6 77811 5 skew 95% 42847 35 53268 13 62733 21 76022 69 100872 48 kurtosis Wage & salary 10% 0 7395 0 2719 0 5635 0 4492 0 3806 N 25% 0 9288 0 11029 0 12564 0 18101 0 25316 Mean 50% 0 14876 0 16126 0 18747 8287 27823 15484 38438 std. dev. 75% 16929 2 20180 1 22178 1 30195 2 39842 2 coef. var. 90% 30703 2 34835 2 39019 2 47731 6 61935 5 skew 95% 38584 18 43755 5 49239 11 60035 95 80042 57 kurtosis Unearned income 10% 0 1916 167 1908 101 5635 68 4492 41 3806 N 25% 0 1430 764 7547 506 7873 355 7946 267 8714 Mean 50% 0 4898 3747 12456 2906 16071 2239 17096 2065 16364 std. dev. 75% 0 3 9455 2 8538 2 8573 2 10050 2 coef. var. 90% 3840 7 18243 6 19406 6 20274 7 23867 4 skew 95% 8512 63 25949 84 28161 68 33006 75 39421 22 kurtosis Earnings 10% 0 1908 0 5635 0 4492 0 3806 N 25% 0 12327 0 13317 0 19253 0 26952 Mean 50% 833 17050 1755 19261 11495 28469 17714 39962 std. dev. 75% 21757 1 23284 1 30920 1 41290 1 coef. var. 90% 36681 1 39933 2 48972 6 64035 5 skew 95% 47273 5 50449 12 62167 88 84000 53 kurtosis 27

Table 4.4. Property Income: White Women, Ages 65-69, South 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0 4318 0 4260 0 7493 0 6039 0 3985 N 25% 0 1830 0 3005 0 5547 0 4548 0 3419 Mean 50% 0 9137 0 9629 852 12617 419 13443 52 10902 std. dev. 75% 99 5 1666 3 5848 2 3542 3 1975 3 coef. var. 90% 3772 15 7869 8 15445 6 11151 7 7519 6 skew 95% 8240 343 15636 96 24407 74 20025 86 15381 48 kurtosis IDRSS 10% 0 4318 2325 4260 3564 7493 3924 6039 4098 3985 N 25% 0 5514 4407 9322 5735 12442 6287 12305 6794 12345 Mean 50% 3893 10080 6895 10625 8887 13406 9179 14428 9638 12452 std. dev. 75% 6952 2 10793 1 14533 1 13690 1 13976 1 coef. var. 90% 11093 12 16817 6 23876 5 20686 6 20219 4 skew 95% 16176 240 24053 68 33120 58 29493 69 27960 30 kurtosis IDRSSP 10% 3320 3541 3811 7493 4336 6039 4825 3985 N 25% 4856 11477 5981 14366 6615 14470 7162 15041 Mean 50% 7795 11814 9701 15220 10013 16219 10751 15600 std. dev. 75% 13194 1 17179 1 16441 1 16552 1 coef. var. 90% 24203 3 29991 4 27649 5 28839 4 skew 95% 33233 22 41214 37 38237 47 43434 20 kurtosis IDRSPCH 10% 7439 7493 7282 6039 6258 3985 N 25% 11572 21951 10490 20462 9131 19264 Mean 50% 17257 18420 15439 18908 14007 19588 std. dev. 75% 26847 1 24002 1 21475 1 coef. var. 90% 40752 4 36555 5 35989 4 skew 95% 54660 47 48653 39 52654 29 kurtosis 28

Table 4.5. Labor Income: Female Ratio, Ages 55-59, South 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 0.27 0.27 0.39 0.16 0.75 0.12 0.97 0.14 1.03 0.25 Mean 25% 0.28 0.47 0.44 0.66 0.84 0.90 0.92 0.94 1.04 1.04 std. dev. 50% 0.39 0.62 0.62 0.89 0.83 0.82 1.00 0.36 1.06 1.77 coef. var. 75% 0.48 1.31 0.69 1.35 0.95 0.91 1.04 0.38 1.01 1.70 skew 90% 0.57 0.53 0.80 1.22 1.01 0.33 1.07 0.07 0.97 0.88 kurtosis 95% 0.66 0.20 0.87 0.96 1.01 0.14 1.05 0.01 0.90 0.53 Total income 10% 0.22 0.16 4.08 0.11 5.85 0.14 5.51 0.27 Mean 25% 0.59 1.58 0.66 1.60 0.82 1.21 0.92 1.10 0.89 std. dev. 50% 1.03 0.56 0.70 0.63 0.85 0.69 0.89 0.71 0.90 0.70 coef. var. 75% 0.47 0.96 0.58 0.95 0.80 0.84 0.93 0.77 0.93 0.79 skew 90% 0.51 0.82 0.62 1.00 0.85 0.75 0.99 0.34 0.87 0.67 kurtosis 95% 0.59 0.44 0.69 0.67 0.77 0.73 0.92 0.12 0.83 0.60 Wage & salary 10% 0.22 0.16 0.11 0.14 0.27 Mean 25% 0.59 0.68 0.95 0.98 0.89 std. dev. 50% 0.65 0.78 0.86 1.09 0.83 0.83 0.76 coef. var. 75% 0.45 1.11 0.56 1.15 0.87 0.90 0.98 0.85 0.99 0.86 skew 90% 0.53 1.32 0.70 1.45 0.96 0.68 1.04 0.25 0.92 0.56 kurtosis 95% 0.60 0.96 0.79 1.66 0.90 0.42 1.07 0.07 0.89 0.50 Unearned income 10% 0.25 0.74 0.14 0.30 0.11 0.82 0.14 0.91 0.27 Mean 25% 0.77 1.21 0.76 0.41 0.67 1.09 0.89 1.71 1.01 std. dev. 50% 0.52 1.27 0.48 0.97 0.48 1.93 0.65 2.76 0.85 coef. var. 75% 0.67 0.88 0.62 0.89 0.72 1.07 0.73 1.08 0.85 skew 90% 1.17 0.51 0.63 0.35 0.68 1.00 0.84 1.01 0.86 1.10 kurtosis 95% 0.66 0.28 0.58 0.13 0.67 1.74 0.73 1.13 0.73 1.18 Earnings 10% 0.14 0.11 0.14 0.27 Mean 25% 0.61 0.90 0.94 0.85 std. dev. 50% 0.00 0.80 2.02 0.84 0.84 0.81 0.74 0.74 coef. var. 75% 0.49 1.30 0.83 0.93 0.98 0.86 0.97 0.87 skew 90% 0.69 1.57 0.94 0.68 1.01 0.26 0.91 0.58 kurtosis 95% 0.78 1.70 0.88 0.40 1.03 0.07 0.86 0.54 29

Table 4.6. Property Income: Female Ratio, Ages 65-69, South 1968-73 1974-80 1981-90 1991-00 2001-06 IDR 10% 0.11 0.07 0.10 0.27 0.29 Mean 25% 0.14 0.13 0.17 0.84 0.58 std. dev. 50% 1.26 1.85 0.00 1.78 0.00 3.06 0.00 2.01 coef. var. 75% 0.00 0.24 0.00 1.22 0.00 1.04 0.01 2.44 0.00 2.12 skew 90% 0.00 0.26 0.02 1.12 0.06 0.79 0.05 4.47 0.12 4.37 kurtosis 95% 0.11 0.04 0.12 0.14 0.22 IDRSS 10% 0.59 0.84 0.58 0.79 0.51 0.69 0.67 0.67 0.74 Mean 25% 0.31 0.82 0.30 0.68 0.30 0.77 0.87 0.81 0.68 std. dev. 50% 0.83 0.54 0.70 0.52 0.63 0.59 0.76 1.30 0.84 0.92 coef. var. 75% 0.69 0.17 0.63 0.22 0.54 0.43 0.67 2.40 0.78 1.57 skew 90% 0.61 0.06 0.57 0.11 0.46 0.25 0.59 4.38 0.70 2.69 kurtosis 95% 0.51 0.47 0.41 0.51 0.63 IDRSSP 10% 0.80 0.56 0.79 0.53 0.75 0.72 0.87 0.83 Mean 25% 0.78 0.48 0.68 0.44 0.78 0.89 0.89 0.87 std. dev. 50% 0.65 0.86 0.60 0.83 0.73 1.24 0.82 1.06 coef. var. 75% 0.55 1.43 0.50 0.86 0.64 2.05 0.77 1.29 skew 90% 0.45 1.95 0.44 0.59 0.70 3.57 0.83 1.68 kurtosis 95% 0.43 0.45 0.74 0.85 IDRSPCH 10% 0.55 0.56 0.70 0.72 0.86 0.80 Mean 25% 0.55 0.49 0.70 1.06 0.83 0.83 std. dev. 50% 0.61 0.88 0.69 1.47 0.78 1.03 coef. var. 75% 0.58 0.57 0.65 2.84 0.78 1.03 skew 90% 0.54 0.29 0.73 6.39 0.79 0.96 kurtosis 95% 0.52 0.82 0.82 30

Table 5.1. Labor Income: African American Women, Ages 55-59, West 1965-73 1974-80 1981-90 1991-00 2001-06 Weekly wage 10% 56 97 214 26 341 52 175 365 393 111 N 25% 142 387.10 344 466.21 406 652.31 304 643.34 516 1001.70 Mean 50% 277 451 452 232 532 354 537 478 884 639 std. dev. 75% 436 1 555 0 863 1 845 1 1370 1 coef. var. 90% 761 3.54292 814 0.64844 1194 0.81123 1261 1.9443 1819 1.59363 skew 95% 998 18.4454 814 3.27069 1435 2.87439 1513 9.77342 2055 7.16604 kurtosis Total income 10% 0 179 368 59 1940 105 4779 624 9249 183 N 25% 624 10955 9405 17546 7401 21661 8010 25149 17690 41715 Mean 50% 7794 12223.2 13557 19683.6 14719 19894.5 17580 23750.3 36351 31890.5 std. dev. 75% 15360 1.11581 20093 1.1218 27199 0.91845 35183 0.94438 56981 0.76448 coef. var. 90% 25920 2 30352 4 54630 1 57313 2 79792 2 skew 95% 35852 6 42388 22 64200 4 69752 9 93453 7 kurtosis Wage & salary 10% 0 179 0 59 0 105 0 624 0 183 N 25% 0 8475.13 0 9165.22 0 14606.1 0 17759.1 0 31048.1 Mean 50% 1112 12300 0 13848 0 20789 8994 23076 24546 34448 std. dev. 75% 14217 1 17905 2 25224 1 29683 1 51000 1 coef. var. 90% 24115 2 28879 1 48714 1 49652 2 74521 2 skew 95% 35852 6.61 38974 4.21 57663 3.93 64314 6.46 85461 6.99 kurtosis Unearned income 10% 0 43 45 35 133 105 56 624 34 183 N 25% 0 1339 283 10534 896 6776 385 7088 238 9934 Mean 50% 0 2755 6014 17408 5033 7636 4315 11080 2812 15302 std. dev. 75% 576 2.06 14618 1.65 11038 1.13 9191 1.56 13660 1.54 coef. var. 90% 5973 2 17827 4 15685 3 16931 7 27845 2 skew 95% 8213 6 20093 17 17929 15 24209 85 40000 10 kurtosis Earnings 10% 0 35 0 105 0 624 0 183 N 25% 0 11803.6 0 14885.4 0 18061.1 0 31781.7 Mean 50% 0 16314 2575 20707 9647 23060 25260 34585 std. dev. 75% 25283 1 25224 1 30252 1 51225 1 coef. var. 90% 38974 1 48714 1 49652 2 74706 1 skew 95% 42343 2.98 57663 3.91 64314 6.43 87000 6.83 kurtosis 31