Social Security & Wealth
|
|
In recent years, the legs have become wobbly on the “three-legged stool” used to characterize the major sources of retirement income. The three legs of the stool are employer-provided pensions, private savings and investments, and Social Security. Employer-provided pensions, formerly the sturdiest leg of the stool, have increasingly been converted into retirement plans that are less costly to employers and less generous or more costly (or both) to employees. Personal savings and investments continue to fall short of the levels needed to provide full retirement income. The remaining leg of the stool—Social Security—is projected to run out of funds once the Baby Boomers start to retire en masse. |
Social Security is the backbone of financial security for most African American seniors and provides significant financial support to survivors (adults and children) and to disabled workers. Changes to the system to guarantee its solvency are likely, therefore, to affect black families more than other groups.
To assess the knowledge, understanding, and expectations of African Americans about Social Security and related retirement and wealth issues, the Joint Center for Political and Economic Studies conducted surveys of African American adults ages 18 and older in both 1998 and 2005. Findings from these two surveys can be accessed from the links provided below:
1998 National Opinion Poll – Social Security
Fact Sheet About African American Women (2006)
Fact Sheet About 18- to 25- Years-Old African American (2006)
Fact Sheet About 51- to 64- Years-Old African American (2006)
Fact Sheet About African Americans By Income Group (2006)
PowerPoint Presentation on Survey Findings (2006)
African Americans and Social Security Disability Insurance (2007)