A new report finds that black and Latino Americans are significantly more likely to be have difficulty retiring than white Americans on average.
University of California, Berkeley Center for Labor Research and Education examined statistics from 2008 to 2010 and determined that black and Latino retirees were more likely to be in the lowest income group. According to their report (PDF), 32 percent blacks and 47 percent of Latinos are in the bottom 25 percent of earners, while only 22 percent of whites were in the bottom 25 percent.
Senior poverty rates among people of color were even more staggering, with 19.3 percent of black seniors and 19 percent of Latino seniors in poverty. Among whites, however, only 7.4 percent of seniors were below the poverty line.
Statistics showed that blacks and Latinos were also far less likely have retirement plans or health insurance offered by their employers, factors that make saving for retirement even harder.
"Recent household surveys show that retirees of color, especially Blacks and Latinos, rely more heavily on Social Security and have less access to other types of retirement income than their white counterparts," UC Berkeley researcher Nari Rhee noted in a press advisory.
"It is critical to improve both job access and job quality—in terms of wages and benefits, including pension benefits—to improve retirement prospects for current workers," she explained.
Photo: Flickr/Daniel C