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Senior citizens attend a meeting with their senator about Social Security at the Isabella Geriatric Center in New York City. Black seniors, on average, rely more heavily on Social Security than whites.
Unemployment rates are higher for blacks and Latinos than for whites, but there’s another disparity at the end of the career spectrum: retirement. Black and Latino retirees have a tougher time financially than their white counterparts, according to a new University of California, Berkeley study [PDF]. Below are three reasons why:
Poverty is higher among black and Latino seniors than white seniors.
The poverty rate among all seniors is about 9 percent. For white seniors, it’s 7 percent, while for black and Latino seniors, it’s 19 percent. People of color over 60 years old are more likely to live in poverty because they rely on fewer sources of retirement income than white seniors, according to the study’s authors.