State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
October 22, 2007
Older African Americans Rely Heavily on Social Security for Retirement Income

Nearly 80 percent of African Americans who are age 65 and older that receive Social Security depend on it for 50 percent or more of their income, according to a new report by AARP's Public Policy Institute.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

While the financial security of persons over 65 has improved collectively over the last 30-plus years, this improvement does not apply to all minority groups, including African Americans.

In 2005, while older African Americans accounted for 8.4 percent of the over-65 population, they accounted for 19.3 percent of those over 65 living in poverty. For nearly half (44.3 percent) of older African Americans, Social Security is their sole source of income.

"Nearly 75 million working Americans do not have a way to save or plan for their retirement," says H. Carl McCall, the volunteer chair of the AARP New York's Economic Security Campaign. "While we, as a country, have made great progress over the last several decades to educate individuals about how to plan for retirement, new steps must be taken to increase the financial security of all Americans as we get older. Solutions are on the table--including ways to increase financial literacy and opportunities to save, including automating 401(k) accounts and instituting Auto IRA accounts for those without any way to save."

Featured Free Resource:
Cost Per Hire Calculator
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB06
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/Retirement-Savings-401k/Older-African-Americans-Rely-Heavily-on-Social-Sec/