Older Americans and Black adults made the greatest progress up the income ladder from 1971 to 2021. Among adults overall, the share who were in the upper-income tier increased from 14% in 1971 to 21% in 2021, or by 7 percentage points. Meanwhile, the share in the lower-income tier increased from 25% to 29%, or by 4 points. On balance, this represented a net gain of 3 percentage points in income status for all adults.
Those ages 65 and older made the most notable progress up the income ladder from 1971 to 2021. They increased their share in the upper-income tier while reducing their share in the lower-income tier, resulting in a net gain of 25 points. Progress among adults 65 and older was likely driven by an
increase in labor force participation,
rising educational levels and by the
role of Social Security payments in reducing poverty.
Black adults, as well as married men and women, were also among the biggest gainers from 1971 to 2021, with net increases ranging from 12 to 14 percentage points.
The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new analysis.
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