FINANCE & BANKING


oca ecur ene ean a a ource o ereen Incoe or ano


ocial Security is a critical income source for elderly and disabled La- tinos because of their socioeconomic condition, higher rates of disability and longer life expectancy, according to a report published by the University of Southern California (USC) Edward R. Roybal Institute on Aging. “Social Security is currently the only


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robust, reliable source of retirement in- come for low-income workers, under- scoring the importance of ensuring the program’s viability for current, future and retired Latino workers,” said USC Roybal Institute Executive Director William A. Vega, who co-authored the primer, commissioned by AARP, with Pre-Doctoral Fellow Zachary D. Gas- soumis.


Latino repreent a ignifiant per- centage of working-class laborers in etor wit utuating eaonal e- ployment, where occupational inju- ries and disabilities are common, and where there are fewer opportunities to participate in a workplace savings program. Both working age and older Latinos have higher rates of disability than non-Latino whites. Accordingly, the primer said, increasing the retire- ment age for Social Security would im- poe a ignifiant and diproportionate finanial burden on Latino wo retire early due to work-related health issues. Noting that Latinos’ average life expectancy exceeds that of Americans overall, the report highlighted the im- portane of enuring benefit to uali- fied Latino are not eroded over tie by ination and ontinue to allow fa- ilie to eet teir bai finanial nee- sities. “We must stay true to the original in- tention of Social Security, and provide adeuate reoure for a utainable and dignified retireent ega aid “Given current unstable economic con- dition ti will reuire a uffiiently


74 HISPANIC NETWORK MAGAZINE


eible poliy fraewor tat will not render people with low incomes vul- nerable to hardships that other Ameri- cans are not expected to endure.” Almost half of all older Latinos would live in poverty without Social


Celebrating 19 Years of Diversity


eurity benefit  perent of Latino en and  perent of Latina aged  or older relied on Social Security for 90 percent or more of their family income, the report said. Although Latinos are the fastest


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