Guest Bloggers, Retirement

Why Social Security is Important to Latinos

September 22, 2016 • By

Reading Time: 2 Minutes

Last Updated: September 22, 2016

ssa-latinosFew things are more important to a secure and dignified retirement than Social Security. It plays a large role in the economic well-being of Latinos. According to the President’s Council of Economic Advisers, Latino and African American households have significantly less in retirement savings than white households, and about half of elderly Latinos receive more than 90 percent of their income from Social Security.

President Obama has pressed consistently to ensure that Latinos, and all Americans, recover from the lingering economic depression so that they can have a strong foundation for retirement. At the 2015 White House Conference on Aging, he pointed out in his remarks that every budget request submitted to Congress has included a proposal to automatically enroll workers without access to a workplace retirement plan in an IRA. Soon after that, the U.S. Department of the Treasury launched myRA, a simple, safe, and affordable new savings option for those who don’t have access to a retirement savings plan at work.

Regardless of the efforts of President Obama and others, the responsibility to save for retirement is on each of us. Social Security offers a basic level of protection, but it was never meant to be the only source of post-retirement income. Unfortunately, only 27 percent of Latinos between the ages of 21 and 63 participate in an employment-based retirement plan.

Our retirement security depends on us making a commitment to put money away, particularly at the beginning of our careers. A 25-year-old who begins saving $100 a month and earns five percent interest will have more than $150,000 at the age of 65.

During Hispanic Heritage Month, one of the things we can celebrate is the economic progress of Latinos in this country. The latest Census data states that in 2015 Latinos saw the fastest growth in median household income and access to health insurance coverage and the largest declines in poverty rates. To continue that progress, we must also think about how we create safe and secure retirements for ourselves and for our families. President Obama has said, “If you’ve worked hard all your life, you deserve a secure retirement.” Social Security does its part in securing your today and tomorrow, but this means we should do our part and take advantage of the opportunities that allow us to save to make sure we have a dignified retirement.

About Julie Chavez Rodriguez, Special Assistant to the President & Senior Deputy Director of Public Engagement

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags:

See Comments

About the Author

Comments

  1. China A.

    In this awesome pattern of things you’ll secure a B- with regard to effort. Exactly where you actually misplaced everybody ended up being in the specifics. As they say, details make or break the argument.. And it couldn’t be more accurate in this article. Having said that, allow me reveal to you just what exactly did deliver the results. The text can be rather persuasive which is most likely the reason why I am making an effort in order to opine. I do not really make it a regular habit of doing that. Next, even though I can easily notice a jumps in reason you make, I am not really convinced of how you appear to connect your details which in turn help to make your conclusion. For the moment I will subscribe to your position but trust in the near future you actually connect your facts much better.
    China Astm A790 Pipe https://dir.emilymetal.com/astm-a790-pipe.html

  2. Strpack

    My husband and i felt absolutely contented that Ervin managed to do his inquiry through the precious recommendations he acquired when using the blog. It’s not at all simplistic just to always be releasing secrets and techniques which often some people may have been trying to sell. And we also grasp we’ve got you to give thanks to because of that. The explanations you made, the easy website menu, the relationships you can aid to instill – it is everything exceptional, and it is facilitating our son and the family know that that subject is exciting, and that’s incredibly essential. Many thanks for all!
    Strpack https://it.strpackfiller.com/showroom/lubricant-filling-machine.html

  3. Anonymous

    Undeniably believe that that you said. Your favourite reason seemed to be at the web the simplest factor to take into account of. I say to you, I certainly get irked whilst other people consider concerns that they plainly do not understand about. You controlled to hit the nail upon the top well as|and also|and} defined out the entire thing with no need side effect , other people could take a signal. Will probably be back to get more. Thanks
    Mquina de enchimento de mel https://pt.npackfiller.com/honey-filling-machine

  4. Maria N.

    The older generation of latino women do not know enough about social security. They stay at home and take care of children and grandchildren. and when they get to the retirement age a very small amount of money is returned to them. If they get any money is paid cash and no fica taxes are paid.

  5. Lamar

    I was pretty pleased to locate this site. I wanted to thanks for your time for this wonderful read!! I unquestionably enjoying just about every small bit of it and I have you bookmarked to check out new stuff you weblog post.

    http://rakeworld.com/index.php?do=/blog/29447/video-surveillance-headlines-regarding-video-surveillance-ip/

Comments are closed.