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Abstract:
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Over the past several decades, poverty among the population age 65 and over has declined precipitously while income has also steadily increased relative to the median (DeNavas-Walt et al. 2013; Meyer and Sullivan 2010). By necessity, previous studies of poverty and income are based on household surveys. Critics allege, however, that these survey data are subject to underreporting of various sources of income and that the problem may be particularly acute for the population age 65 and over who may rely on capital income including withdrawals from defined-contribution accounts. This project will provide a comprehensive evaluation of income data quality of the Current Population Survey March Supplement (CPS ASEC), with a focus on the population age 65 and over. While existing validation studies have typically focused on a single source of income, our project will use a wide array of administrative datasets linked to the CPS-ASEC to validate many components of total household income and provide a new look at income and poverty from both a static and multi-year perspective.
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