Why Social Security is Important to Latinos

ssa-latinosFew 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.

About Julie Chavez Rodriguez, Special Assistant to the President & Senior Deputy Director of Public Engagement

facebooktwitterlinkedin

29 thoughts on “Why Social Security is Important to Latinos

  1. What financial institution is paying 5%. Rates at that level have not been realized since the U.S.Government colluded with the Financial Industry and the Federal Reserve in robbing the American people of any hope of any adequate retirement savings.
    By lowering interest rates at the ridiculous levels imagined the financial and banking industry has been bailed out by the US government is a lie being perpuated by our politicians.
    Case in point the scandalous Cigarette Industry Settlement which in turn placed the cost on the victims through higher taxes placed on the cost of purchasing cigarettes.
    Government and the Industry wins, addicted smokers loses.

  2. Each year that goes by, the cost to live good is harder and harder. Everything goes up but our wages. We can’t get a fair increase in our social security income each year. Last year someone said our economy was below the increase line. So what! I can’t change that. Then all things should not go up? Every year each person on SSDI or SSI should get the 1200 dollar a year increase for the first five years. Most will die, some will not so the next 5 years the increase should be the percentage of cost of living. You see, this helps, not no increase at all. That’s not fair and shame on you, shame on you for being that greedy with the people’s moneys. The big CEOs and their people at the top take care of themselves from the pool of money from the people. I think you know what’s the problem and so dumb, you don’t know how to fix it for everyone. That’s ok, you all are going to get what’s coming to you sooner then you think. Shame on you.

  3. A Recession accompanied by pre-borrowing from the National Social Security Budget and not replacing the funding taken through convoluted pretenses, complicated now by our present Government Administration paying Foreign Countries Billions of Americans taxes from hard earned labor, so what does it matter when some Americans like the Clintons and the Obamas can lie through not only their teeth; but through their pores, why should anyone care ? only the Politicians can Claim to get a Rats behind, but what would it matter ?. Perhaps Americans who voted this Administration into the White House may be coming to their senses? Don’t bet on it.

  4. The president is on the campaign trail telling people who to vote for in order to preserve his legacy. Who want’s to preserve, stagnant wages, high worker non participation rates, high unemployment in the poorer precincts or racial divisiveness? The Latino’s have made progress not because of this Administration’s initiatives, but because of their own sweat equity.

  5. I am not trying to offend Latinos, or Blacks. I realize that it’s my own misfortune that I lost most of my family’s IRA savings in the 08 recession, but the fact is that like millions of Americans, I worked long, and hard all my life, and contributed the entire time into Social Security. People now are being led to believe that Retirement Social Security is an entitlement. What is being handed out for free is an entitlement. I’m not saying that we can’t have compassion, and assist best we can, but I am becoming very concerned that today’s Senior Citizens who contributed all their lives, are being ignored by not receiving cost of living increases, and continually having benefits decreased, or increasing costs.
    I do not care about being wealthy. I simply want be able to get by. My wife, and I live solely, of my Social Security, and a small funding for what’s left of the IRA. Many elderly are no longer physically able to work. They have no choice. Most civilized cultures respect, and take care of their elders. I pray that this nation doesn’t just shove them aside. Thank You

  6. Why single out Latinos and blacks? Every American retirement should be the concern of our lousy biased administration!
    Typical action of this administration

    • If anyone paid in should get SS, no matter race or color. But when federal retirees are forbidden SS, thinking of them should come first. I m a retired white person, my husband and I paid into SS but I cannot receive mine or his. So I have no sympathy for others especially ones that did not pay in. Who is working for poor white people???

  7. The Federal government gave banks zero to low interest rate loan for so long and the banks have been profiting off the taxpayer’s money. Bank don’t need to borrow money from bank customers’ CD accounts, so they pay us very little interest on the CDs less than 1%.

    Checking and savings accounts interest rate are even lower with less than 0.1%.

    The best thing that millions of Americans are doing now is cheating Social Security disability and saving $100 or more a month until their free disability checks convert over to Social Security retirement checks.

  8. This damn administration is nothing but lies.
    But if you were a serious, stable & responsible person throughout your working life & saved enough for the golden yrs. of your life, the situation won’t be that bad right now.
    That doesn’t not mean that the liar at the W H is right.
    He’s the devil in the form of man….!!!!
    The ones that had voted for, now they can enjoy it all.
    But still there’s more to go…………. you can gain momentum by voting for the big next liar in lane & her degenerated unrealistic husband.
    Anyway the whole country is doomed, thanks to the color man.
    Enjoy it………….

      • I never was in meds.
        But you sure are a non-educated dumb person or blind.
        What you can do is, come down from your tree & see the reality.
        Now go vote for the liar in chief libertarian doomed as you’re.
        Keep collecting from welfare & the rest of the gov. free beast all you’re

  9. The Democrats new 2016 election campaign is to expand Social Security. It will be a disaster like how they expanded Medicaid.

    You can’t expand Social Security retirement age down because you can’t retire earlier than 62. They are going to expand it in the other direction increasing the age of retirement.

    • Tony you do realize that the age for full retirement was last raised during President Reagan’s reign right? Just a little info there for ya bud!

      Actually the best thing would be to lift the cap on paying Social Security taxes!

  10. If you are not working and waiting on Social Security retirement, then you minus well make a few visits to the psychiatrist/psychologist office and apply for Social Security disability for a mental illness.

    I get the free Social Security disability money and it is great. The amount it more than I would get if I retire. You can look at your social security statement and see the difference.

  11. The folks who are getting free stuff, don’t like the folks who are paying for the free stuff,
    because the folks who are paying for the free stuff can no longer afford to pay for both free stuff and their own stuff.

    The folks who are paying for the free stuff want the free stuff to stop, and the folks who are getting the free stuff want even more free stuff on top of the free stuff they are already getting

    Now… The people who are forcing the people to pay for the free stuff have told the people who are RECEIVING the free stuff, that the people who are PAYING for the free stuff, are being mean, prejudiced, and racist. (the current class and race warfare that is being used in this election)

    So… The people who are GETTING the free stuff have been convinced they need to hate the people who are paying for the free stuff by the people who are forcing some people to pay for their free stuff, and giving them the free stuff in the first place

    We have let the free stuff giving go on for so long that there are now more people getting free stuff than paying for the free stuff.

    Now understand this. All great democracies have committed financial suicide somewhere between 200 and 250 years after being founded. The reason? The voters figured out they could vote themselves money from the treasury by electing people who promised to give them money from the treasury in exchange for electing them.

    Thomas Jefferson said it best: “The democracy (Republic) will cease to exist when you take away from those who are willing to work and give to those who would not.”

    The United States officially became a Republic in 1776, 235 years ago. The number of people now getting free stuff outnumbers the people paying for the free stuff. We have one chance to change that On Nov 8th, 2016. Failure to change that spells the end of the USA as we know it.

    “The problem with socialism is that eventually you run out of other people’s money”. — Margaret Thatcher

  12. It matters to all people, unless you happen to be an “adult disabled child” who marries an “able bodied person”.

    I am 45 years old, a mother of three older children and physically disabled ( I was born with cerebral palsy ). I’ve never collected one red cent of money from the Socialist Security System, even though I have applied several times and they find me disabled.

    Technically, I am an “adult disabled child” (please look this up, it is NOT SSI or SSDI) but have never been able to secure any benefits whatsoever from the Socialist Security system, even under that program because I got married to an “Able bodied person”. The Socialist Security system is too busy paying benefits to some people who scam the system and worrying about adult disabled children (who they pay benefits to off of a parents record) marrying an able bodied person. This gives them the justification to cut off benefits to the adult disabled child because the husband (in theory) can now support the disabled person. This theory works great, if your husband is rich and you have no need for money but what it actually does, is to force two adults (one disabled one able bodied person) to live off of one income. In the real world, the socialist security system is forcing adult disabled children to only marry other disabled persons (and NO able bodied persons) at the threat of loosing any and all benefits that they are entitled to.

    If you are a physically disabled person (an adult disabled child) and you happen to marry an “able bodied person” you will be loosing out on a lifetime of benefits, all because of a one word “rule” that prohibits you from marrying an “able bodied person”. Best of all, they never tell you about their “Rule” so that they can justify cutting off any benefits that you may be due.

    Because you are physically disabled (adult disabled child) and you choose not to marry another adult disabled child or disabled person drawing off socialist security, you WILL LOOSE ANY AND ALL BENEFITS FOR LIFE. This means that the SOCIALIST SECURITY system is TELLING YOU WHO YOU ARE ALLOWED TO MARRY and who you are
    NOT ALLOWED TO MARRY! It is a discriminatory act “rule” and should be ILLEGAL!

    Even though I am permanently and totally disabled, if I marry an “able bodied person”, somehow that marriage makes everything ok and I am no longer considered disabled (in the eyes of the socialist security system). Magically (because I married an able bodied person), the pixie fairies come down and cure my disability, because now I can just go out and find gainful employment, no one will discriminate against my physical disability and everything will be grand, right? Somehow magically, marrying an able bodied person makes my physical disablility dissappear and now I am cured, right? WRONG!

    The issue is a special “Rule” that the Socialist Security System uses to discriminate against “certain” people. If you are a “physically disabled person” (AKA-certain people) and happen to marry an able bodied person, then the SOCIALIST SECURITY system will use special “Rules” to legally discriminate against you and deny you benefits, even if you appeal online.

    The SOCIALIST SECURITY system has caused me a lot of economic hardship all because I married an able bodied person. The SOCIALIST SECURITY system thinks someone who is physically disabled (permanently and totally disabled) marries an “able bodied person”, that somehow magically they are cured of their physical disability and two people can survive off the able bodied persons income. WOW, talk about a bunch of bureaucratic idiotic thinking, that somehow this would not cause a financial hardship….. amazing.

    The rules that the Social Security Administration uses to legally discriminate against persons who are “Adult Disabled Children” who happen to marry an able bodied person, are discriminatory. This is loosely referred to as the “marriage penalty” but I call it exactly what it is, a legal form of discrimination.
    I firmly believe this rule, is an act of bias, prejudice and discrimination against people who (by no fault of their own) are born disabled and happen to marry an able bodied person

    Please write your Congressional Representative and tell them to end this modern day form of Legal Discrimination. In this day of fairness and equality, there are still some people suffering from an outdated and oppressive bureaucratic rule.

    (PS. notice how the only thing any of these SOCIALIST SECURITY workers ever say are quotes of the rules or processes, like a worker drone. They are unable to address any topics that fall outside of their rule books). Typical bureaucracy and bureaucratic responses, like trying to argue over lost change with a vending machine!

  13. It’s time to stop giving social security to those that never put any money into social security. Just only to those that actually worked and money was taken out from their paychecks should get social security. Oh, I forgot the spouses too should get social security.

  14. Question. What jackass can’t read and follow the Constitution of the US? No way, at NO Place does it say to give benefits to illegals/criminals who have broken the laws of the land. There is a process called Naturalization to become a citizen of this country.

  15. By the way, when is “I am an American Month”. I was born here as were my grandparents, illegals need to be deported not rewarded.

Leave a Reply - (comment policy)

Your email address will not be published. Required fields are marked *