A post last August addressed what awaits many Latinos in retirement, and the financial responsibilities that await many younger members of immigrant families as elders leave the workforce. As a general rule, Latino and black American seniors are a poorer lot than others, relying more heavily on Social Security as a means of income. Many lack retirement savings, as much a product of occupation as the result of bad or nonexistent financial planning advice. Some are able to rely on sons and daughters for support, while others scrape by in poverty.
That post drew on 2008 data from the University of Notre Dame; now a UC Berkeley Labor Center study has added to the data on seniors of color. According to the UC Berkeley study, poverty rates among black and Latino seniors are more than twice that of the overall U.S. elder population.
Access to retirement savings could make a big difference, but due to a combination of factors, "less than half of Black workers (47.7 percent) and less than a third of Latino workers (31.6 percent) participate in an employer sponsored retirement plan." Read the research brief: