Black, Latino Seniors More Likely to be in Poverty in Retirement

 

 

Black and Latino seniors in the U.S. are facing a tougher time in retirement: Elder poverty rates are twice as high among these groups compared to the U.S. population as a whole, according to a new study by the University of California, Berkeley.

Some 19.4 percent of black and 19.0 percent of Latino seniors have incomes below the federal poverty line, compared to 9.4 percent for the senior population overall, according to the analysis, which is based on data from the U.S. Bureau of Labor Statistics Current Population Survey and U.S. Census Bureau American Community Survey.

“Recent household surveys show that retirees of color, especially blacks and Latinos, rely more heavily on Social Security and have less access to other types of retirement income than their white counterparts,” researcher Nari Rhee of UC Berkeley’s Center for Labor Research and Education, said in a statement.

Less than one-third of employed Latinos and less than half of black workers are covered by an employer-sponsored retirement plan, a key resource in ensuring adequate retirement income.  As a result, they are disproportionately reliant on the limited income provided by Social Security, the report found.

Among retirees age 60 and older, people of color are disproportionately likely to be low-income:  For 2007-2009, 31.6 percent of blacks and 46.5 percent of Latinos were in the bottom 25 percent income group.  The “other” race category of the Census, which includes Asian/Pacific Islander and Native American populations, is also more likely to be low-income (38 percent), the report noted.

“It is critical to improve both job access and job quality — in terms of wages and benefits, including pension benefits — to improve retirement prospects for current workers,” Rhee stated.

http://laborcenter.berkeley.edu/research/retirement_in_security2012.pdf

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About griotcircle

GRIOT Circle is an intergenerational and culturally diverse community-based social service organization responsive to the realities of older lesbians, gay men, bisexuals, two-spirit and transgender people (LGBTST) of all colors. The Brooklyn-based non-profit was founded in 1996 by Regina Shavers to promote healthy living and sustainability, and support the unique social services needs of the LGBTST elders community in New York.

Posted on March 12, 2012, in Finances + Retirement, Money Matters, My Gay Lifestyle, My Lesbian Lifestyle, My Transgender Lifestyle, My Two-Spirit Lifestyle, Retired & Living and tagged , , , , , . Bookmark the permalink. Leave a comment.

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