Well-publicized and much-discussed potential insolvency of the Social Security Trust Fund concerns African Americans ages 51-64 much more than it does younger African Americans. is may be tied to the fact that many 51- to 64-year-olds have not accumulated adequate personal savings and investments and expect to rely upon Social Security as a major source of retirement income. About one-third (35 percent) of 51- to 64-year-old African Americans expect Social Security to be their major source of retirement income.

However, 51- to 64-year-olds are less likely than younger African American adults to support selected reform proposals that could ensure the future solvency of the Social Security system. For example, about one in every five 51- to 64-year-olds (18 percent) supports partially privatizing the Social Security system, compared to about one-third of 18- to 25-year-olds, 26- to 35-year-olds, and 36- to 50-year-olds. Similarly, only one-quarter (25 percent) of 51- to 64-year-olds support reducing the annual cost-of-living adjustment to Social Security benefits, compared to 48 percent of 18- to 25-year-olds and 39 percent of 26- to 35-year-olds. is lack of support perhaps stems from the fear that these reform proposals will reduce the amount of their Social Security retirement benefits and from the awareness that they have less time than younger adults to accumulate alternate savings and investments to depend on should their Social Security benefits be jeopardized.

Joint Center for Political and Economic Studies National Opinion Poll of African American Adults About Social Security and Wealth identified these and other findings. The poll, conducted in late 2005, surveyed 850 African Americans ages 18 and older. is fact sheet features the major findings about African Americans ages 51-64, who constitute 22 percent of the survey sample.

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Publication date: June 2006