Social Security protects millions of American families in retirement or when a loved one becomes disabled or dies. These guaranteed benefits are especially important to people of color who tend to have fewer alternative resources, become disabled at higher rates, and rely on Social Security’s family benefits disproportionately.
Did you know?
- 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.
Speakers at the 2014 Latino Retirement Security Summit addressed the importance Social Security plays in the Hispanic community and the need for Latinos to engage Congress on issues such as preserving Social Security, Medicare and immigration reform. Contrary to immigration reform myths so common during campaign season, the truth is the Social Security program would benefit if undocumented immigrants were given legal status:
“The evidence is clear that the newly legalized will have a positive effect on the solvency of the Social Security system. On top of the many other positive impacts of bringing the undocumented out of the shadows, these results indicate that providing legal status and a pathway to citizenship to the 11 million undocumented immigrants currently in this country would have a sizeable impact on the ability to provide full pensions to the Baby Boomers in the years to come.” Center for American Progress, “The Benefits of Immigration Reform to Social Security”