Social Security Key Issue For Latinos
September 29, 2000
Financial Columnist Charles Gonzales of Yahoo.com/Latino.com
writes that, "because of growing the Hispanic population and our greater economic
influence, Social Security is perhaps of greater importance to Latinos than
any other group in the country."
"Latinos represent the youngest and fastest growing segment of American society.
Latinos average age of 27 is 10 years younger than that of the average American.
In addition, Latino retirement security is at risk because only one-third of
Latinos participate in an employer retirement plan; less than half of all Latinos
have any retirement savings; and nearly two-thirds of Latino's future income
is represented by Social Security benefits."
"Latinos have just begun to make progress in the wealth building process that
so many Americans take for granted. Still, we are underrepresented as investors
in the market, as participants in retirement plans and as homeowners. Too many
Latinos are dependent on Social Security today for their retirement. The strength
and safety of the system is of paramount importance to our community.
"In short, if Social Security is not reformed, we lose as both beneficiaries
and as taxpayers. Our economic and financial strength provides us the resources,
if appropriately applied, to strengthen Social Security and Medicare for the
long run. The cost to today's Latinos 35 and under will be enormous if critical
steps are not taken now.
"Additionally, through Social Security reform we have a chance to make a profound
difference in the future of Latino families, especially those at the bottom
rungs of the economic ladder. The emergence of the 'equity economy' over the
past decade has vastly increased the nation's wealth, but has also created a
dual economy -- those with the income and resources to participate as investors
and those who cannot.
"We are in danger of becoming two nations, separated by the ability to leverage
the equity markets. Latinos comprise a larger percentage of this population
than any other community. Social Security reform through the use of private
investment accounts represents a revolutionary opportunity to allow Latinos
better control of their financial destiny."
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