New data on retired people and economic security bring bad news about older people of color in the United States. Most elderly retired Hispanic, African-American and Asians have no economic security, according to an analysis of Census Bureau data by a D.C. nonprofit group. And the worst numbers are for retired African Americans, with 74 percent unable to cover their most basic expenses.
Single retired people need between $19,000 to $25,000 a year to cover costs and couples need from $29,000 to $39,000, depending on their health and housing situation, according to the Elder Economic Security Standard Index, which calculates the economic security of older people.
But only about a quarter of older Hispanic, African American and Asian adults have retirement incomes within those ranges research from the non-profit group Wider Opportunities for Women (WOW) showed.
"With many people of color working in low wage jobs, they are unable to save for retirement, leading to overwhelming numbers of older African American, Hispanic or Asian Americans who are able to cover their most basic expenses as they age," said Donna Addkison, the president and CEO of Washington DC-based WOW, which promotes policies to help women and low-income families.
An analysis by WOW of U.S. Census Bureau data shows that 52 percent of elderly households report incomes that do not provide economic security to cover costs for housing, food, transportation, healthcare and miscellaneous expenses.
For Hispanic retirees the number rises to 76 percent, followed by 74 percent for African Americans and 65 percent for Asians.
Read more at Reuters.