Black and Latino Retirement (In)Security

Source: Nari Rhee, University of California, Berkeley, Center for Labor
Research and Education, Research Brief, February 2012

From the press release:
This research brief finds that Black and Latino seniors face even tougher times in retirement than American seniors as a whole, based on data from the U.S. Bureau of Labor Statistics Current Population Survey.
The research brief’s main findings include:

– Elder poverty rates are twice as high among Blacks and Latinos compared to the U.S. population as a whole: 19.4 percent of Black seniors and 19.0 percent of Latino seniors have incomes below the federal poverty line, compared to 9.4 percent for the senior population overall (see right).

– Less than a third of employed Latinos and less than half of Black workers in full-time jobs are covered by an employer sponsored retirement plan, a critical resource in ensuring adequate retirement income. As a result, they are disproportionately reliant on the limited income provided by Social Security.

– 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 group, which includes Asian/Pacific Islander and Native American populations, is also more likely to be low-income (38 percent) (see right, lower).

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