Making the decision about when to leave the workforce is challenging and complicated, in spite of the existence of retirement income calculators and other tools.

Some people want to “die with their boots on,” while others would prefer to die wearing sandals or running shoes and in some venue other than the workplace. In the best case, workers retire when their productivity diminishes, when there is something to move on to (often another full-time job, part-time work, an expanded avocation, or full-blown leisure), and when resources are available to enable them to make the desired move.

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Although many African Americans depend on Social Security benefits to meet their basic needs, the value of the program to this group is often debated and sometimes misrepresented or discounted. At a time when the nation is seeking to put its financial house in order and concurrently considering reforms to guarantee the future solvency and sustainability of Social Security, the Joint Center for Political and Economic Studies, with support from AARP, prepared this primer to spell out the facts about how Social Security's disability, survivor and retirement programs serve African Americans.

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Among pre-retirees, confidence about having enough money to live comfortably throughout retirement typically reflects the state of one’s current savings behavior, known savings vehicles and expected major sources of retirement income. African Americans and whites have differing assessments of their own retirement security, and their differing views suggest that the recent economic downturn may have constrained African Americans’ ability to save for retirement to a greater degree than it has for whites. This brief provides details about differences between the two groups in retirement saving and expectations in both 1998 and 2009.

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The phone rings. It's your 75-year-old Aunt Mildred, the one who helped you and your brother financially after your father died. She also helped your first cousins whose mom was disabled, and always had a little extra for her brother Steve who had difficulty making ends meet after he retired. Aunt Mildred is calling to ask for your help managing her finances. She wants to be able to continue helping her family as she ages, and to continue providing for those family members who have the greatest unmet needs.

Like Aunt Mildred, the Social Security system at age 75 needs assistance to manage its finances and continue helping the people of all racial and ethnic groups in the United States who receive its benefits because of disability, retirement or a family member's death.

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This edition of the Women of Color Health Data Book, prepared by the Joint Center for the National Institutes of Health, provides the most recent available information on different populations of women in the United States and represents a much desired update on the health of women of color. Originally published in 1997, and updated in 2002, this third edition of the Women of Color Health Data Book includes more information and updated statistics. The standards have been revised to include five minimum racial categories: American Indian or Alaska Native, Asian, black or African American, Native Hawaiian or Other Pacific Islander, and white. This edition of the Women of Color Health Data Book continues to support recognition of the importance of women’s health and, more specifically, the role of culture, ethnicity, race, socioeconomic background, geographic location, and other social and economic factors as important contributors to health status. The expanded concepts of women’s health, and therefore research, focus on the study and understanding of women’s health as a reflection of the myriad of elements that contribute to the overall quality of women’s lives in the United States today.

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Between 1997 and 2005, numerous polls were conducted to assess the views of the U.S. population about savings behavior, expected sources of retirement income, and the status of the Social Security system. This report examines findings from these polls for African Americans, white Americans, and persons of all races (combined) and makes comparisons across racial/ethnic groups as data allow. The vast majority of these polls surveyed the general population without disaggregation by race. For example, 38 polls of persons of all races (combined) conducted between 1999 and 2005 were identified that included a question about optional stock market investment by individuals to foster the solvency of the Social Security system. However, only four polls (two by the Joint Center for Political and Economic Studies, one by AARP, and a survey series by Ariel Mutual Funds/Charles Schwab & Company, Inc.) were identified that surveyed either African Americans alone or African Americans along with other racial groups about this issue. As a result, racial comparisons cannot be made for all issues.

Despite these challenges, this analysis of public wealth-related knowledge and savings behavior reveals that many individuals do not have adequate personal savings and investments for retirement. This information powerfully demonstrates the need for social insurance, in particular for the Social Security program. In addition, knowledge gleaned from surveys about various racial/ethnic groups' views of Social Security reform proposals can help guide the development of reform proposals that address the needs and concerns of these groups. The major findings of this report are presented below.

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Date Published: April 2007
 

Men of Color (African Americans, American Indian or Alaska Native, Asian Americans, Hispanic Latino, and Native Hawaiian or Other Pacific Islander) face many challenges in achieving and maintaining good health. Their social circumstances-frequently including limited education and scarce employment opportunities-and cultural norms, as well as society's discriminatory treatment of them, often engender in these men unhealthful responses. In addition, our nation's health care safety net has gaping holes when it comes to low-income men, many of whom are men of color. This report describes the recommendations to ameliorate their health status.

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The Old Age, Survivors, and Disability (OASDI) program of the Social Security Administration helps meet the needs of persons who have retired (Old Age), dependents of persons who are deceased (Survivors), and persons who have become disabled, as well as their dependents (Disability). Although the Social Security system consists of these three components, when system reforms are discussed, the emphasis primarily is on retirement benefits. In recent years, however, national attention has been drawn to the SSDI, or disability, program. The number of applicants for SSDI has increased due to an expansion of the classes of disabilities that could qualify an individual for benefits and to the numerous claims being filed by veterans of recent wars, such as the War in Iraq.

This increase in SSDI applications has resulted in lengthy time lags in processing the paperwork before eligible individuals can receive benefits. Enrollment in the SSDI program also has increased dramatically. Over the past two decades, the proportion of individuals between the ages of 25 and 64 who receive SSDI benefits nearly doubled, rising from 2.2 percent in 1985 to 4.1 percent in 2005 (Autor and Duggan 2006).

To be eligible to receive Social Security Disability Insurance (SSDI) benefits, a person must (1) have worked in a job covered by Social Security for at least five of the past ten years, and (2) have a medically determinable physical or mental impairment that is expected to result in death or to last for at least a year and that prevents the individual from engaging in substantial gainful activity (Autor and Duggan 2006). The SSDI program provides benefits to a disabled worker, his/her spouse, and his/her children. The amount of monthly benefits is pegged to the amount of taxable earnings of the disabled worker.

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Date Published: July 2007
 

This brief provides an overview of the current homeownership status of African Americans, along with relevant historical detail to place the present in context. Why homeownership has been a cherished part of the American dream, and homeownership sustainability among African Americans both are discussed. Trends in homeownership rates among African Americans and initiatives to increase homeownership also are covered in this brief.

SEE ALSO AFRICAN AMERICANS AND HOMEOWNERSHIP: THE SUBPRIME LENDING EXPERIENCE, 1995 - 2007 - NOVEMBER 2007 - BRIEF #2[CLICK HERE]

Date Published: March 2008
 

This brief provides a primer on subprime lending and how it has affected homeownership among African Americans. Its story begins in the mid-1990s with the increase in subprime lending for home purchases, home improvement, and refinancing. How the primary and secondary markets for subprime loans operate and how African Americans and households belonging to other racial/ethnic subpopulations have been served by them are detailed. This brief concludes with a discussion of principles and recommendations for enhancing the operation of the subprime market to better meet the needs of African Americans and other disproportionately low-income populations.

SEE ALSO AFRICAN AMERICANS AND HOMEOWNERSHIP: SEPARATE AND UNEQUAL, 1940 - 2006 - NOVEMBER 2007 - BRIEF #1[CLICK HERE]

Date Published: March 2008