The Retirement Security Crisis in Black America

As we reflect on the historical contributions of African Americans during Black History Month, we also acknowledge that many of our Civil Rights leaders are now facing another struggle for economic equality as retirees.

The Wall Street-induced housing crisis, the stock market crash and high unemployment threaten the retirement security for all Americans. In addition, research shows our nation's looming retirement security crisis disproportionately affects African Americans, an alarming number of whom are retiring in poverty after a lifetime of work.

Here's how income inequality and the national jobs emergency impacts retirement security for African Americans:

More than half of retired African Americans are economically insecure because of low income and high healthcare and housing costs.
Only one out of five African American households has enough assets to last throughout their expected life spans.
Two of every five African American retirees live entirely on Social Security benefits which provide less than $1,200 per month.

The retirement security crisis is a problem for current African American retirees who grapple with the decision of whether to pay their rent or buy medicine. It is also a problem for their adult children who help care for them. The crisis, driven by the economic downturn, inadequacies in Social Security, and limited personal savings, also poses a serious threat to current African American workers, who are less prepared for retirement.

Finding solutions to America's retirement security crisis is a racial and economic imperative. Instead of risking the retirement savings plans of teachers, public safety officers, bus drivers and other public employees, let's find ways to make everyone less vulnerable to poverty after a lifetime of hard work.

As part of a broader agenda to fight for racial and economic justice for America's 99 percent, SEIU is committed to working together to deliver retirement security to all workers.

Will you join us? Click here to join our Retirement Security Campaign and help us protect financial and retirement security for all working families in 2012.