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Latino Daily News

Thursday May 12, 2011

Latinos Economically at Risk with Proposed Social Security Benefit Changes

Latinos Economically at Risk with Proposed Social Security Benefit Changes

Photo: Social Security Benefits and Latinos

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Social Security benefits are particularly important to Latinos because of their lower socioeconomic status, higher rates of disability and longer life expectancy; almost half of all Latino elders would live in poverty without Social Security benefits.

A primer study by the University of Southern California’s Institute on Aging examines the importance of Social Security to Latinos and the potential impact of changes to the Social Security system for Latino beneficiaries and their families.

Many of the current reform options—largely those that aim to reduce benefits—would be detrimental to Latinos. In 2008, 25% of Latino men and 27% of Latina women age 65 or over relied on Social Security for 90% or more of their family income.

Anything that jeopardizes the amount of their check could have devastating consequences. The large Latino working population will reach retirement age in the second half of the century; it is particularly important to Latinos that the Social Security trust funds be balanced in the long term, as a vast
majority of the Latino population will not see any benefits for decades.