Having a secure retirement is an important pillar of strength for the middle class in America. Yet, it is unavailable to too many workers in our country. During Hispanic Heritage Month, we’re acutely aware of the particular challenges faced by middle class Latinos in the workforce. Not only do Latinos face wage disparities, they’re also less likely to have access to retirement savings plans. Research shows that only about a third of Latino workers have access to a retirement plan through their employer, compared to more than half of African-American and white workers. Continue reading
Few 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.
Some of you may have celebrated the holiday by beginning to think about exiting the labor force — and beginning your retirement years. Individuals born in 1950, especially, may be thinking about it because they reach their full retirement age of 66 this year. Who are they, these folks born in the year Elvis Presley had his first job — as an usher at a movie theater? Continue reading
Centuries later, there are new horizons to explore and you can do it from the comfort of your home or office. With Social Security, you can discover a new world of information and services at www.socialsecurity.gov. Continue reading
You packed your bathing suit and beach towels. The sunscreen is handy and ready to apply. Your hat is firmly on your head while you sport those stylish shades. The time is finally here, and you’re going on vacation.
Hooray! Continue reading
Springtime is upon us and love is in the air! Valentine’s Day may be but a memory and the storefront displays have moved on to new holidays, but you can still express your feelings in a meaningful way.
A powerful way to prove your love is to show that you care about a family member or friend’s future. Everyone you love probably wants to enjoy retirement. The decisions of when and how to retire require preparation and careful planning.
Social Security is a safety net that keeps millions of elderly Americans out of poverty. At www.socialsecurity.gov/planners/retire you’ll find valuable resources that you can access 24 hours a day from your preferred location.
An old saying tells us that death and taxes are the only guarantees in life. While we know it’s inevitable, death is not something we like to think about. The loss of a loved one is overwhelming. It can leave you devastated, uncertain of what steps to take.
This is especially true when you lose a spouse. The death of a spouse is devastating emotionally, physically, and financially.
Social Security survivors benefits protect your surviving spouse if Continue reading
During the month of May, we observe Asian American and Pacific Islander (AAPI) Heritage Month in the United States. We celebrate the accomplishments of Asian Americans and Pacific Islanders and the countless ways they enrich our nation. Like America, the AAPI community draws strength from the diversity of its distinct cultures—each with its own vibrant history and range of perspectives.
I am Andy Liu and I serve as the Social Security Administration’s General Counsel. As a Chinese American and member of the AAPI community, I understand the many challenges and needs of our community. I joined Social Security for its mission – delivering Social Security services that meet the changing needs of the American public. This mission is not complete unless we reach everyone entitled to receive our services.
Social Security treats all people Continue reading
Social Security emerged from the Great Depression to promote the economic security of our nation’s people. It provides security and peace of mind for America’s workers and their families. Social Security helps protect families against loss of income when the unexpected happens, such as a disability or the loss of a loved one.
On May 1 – 8, the Social Security Administration will celebrate a special week of action by joining forces with faith-based and community groups across the country to increase awareness about the agency’s programs and services. This year’s campaign theme is “Shining a Light on Your Lifetime Protections.” The goal is to increase knowledge about tools that could change lives for the better and set them on a sound financial course.
We invite you to participate in this effort. You can learn about your Continue reading
For more than 80 years, Social Security has helped secure today and tomorrow with information, tools, and resources to meet your changing needs and lifestyles.
Today begins National my Social Security Week. With the help of a myriad of groups and organizations, Social Security will host numerous events and activities across the country to raise awareness about the benefits of opening a secure online my Social Security account.