How Important is Social Security to America’s Hispanics?

2017-07-10T16:09:47+00:00September 18th, 2015|Social Security|

It’s Hispanic Heritage Month and a good time to highlight just how important Social Security is to Americans of all ages, but especially Hispanics.  Our National Committee Policy experts explain why

  • Almost three-fourths (74%) of Hispanic beneficiaries rely on Social Security for at least half their income compared to almost two-thirds (64%) of all beneficiaries.
  • Approximately 53% of Hispanic beneficiaries rely on Social Security for 90% or more of their income.
  • Approximately 46% of Hispanic beneficiaries rely on Social Security for all of their income.

Minorities rely more heavily on Social Security due to a lack of other income in retirement.  Few elderly minorities receive income from pensions and assets.  The greatest disparity is in the receipt of income from assets.

  • In 2012, 25% of Hispanics received income from private assets, compared with more than 55% of whites
  • In 2012, 13% of Hispanics 65 years old and over reported receiving income from private pensions or annuities, compared to 28% of whites 65 years old and older

Elderly Hispanics are more dependent on Social Security than others because they are more likely to be in poverty than non-Hispanic elderly.