Next Tuesday, the Trump administration is expected to release its full fiscal year 2018 (FY18) budget request, which will be a blueprint for funding levels for federal programs. Many of those programs, like nutrition assistance for families, affordable housing initiatives, early childhood education opportunities, and Medicaid and Social Security, help millions of Americans.
If the “skinny budget” Trump released in March is any indication, the full Trump budget will gut programs that provide basic living standards for millions of low-income Americans to pay for tax cuts for millionaires, to increase defense spending, and to ramp up immigration enforcement by funding an unnecessary wall and a deportation force.
By Yuqi Wang, Policy Analyst, Economic Policy Project, NCLR
Social Security is widely recognized as playing an important role in workers’ retirement security. In 2015 alone, Social Security benefits kept 22 million retirees out of poverty, and more than 60% of elderly beneficiaries relied on Social Security for most of their retirement cash income.
To celebrate National Social Security Month this April, the Social Security Administration created an online guide that workers can use to learn more about the program and its benefits.
By Yuqi Wang, Policy Analyst, Economic Policy Project
Overall, Latino voters have a positive outlook on the national economy, with 68% saying the economy is improving or has remained the same. At the same time, their personal finances are sometimes uncertain, with 46% saying it was sometimes difficult each month to make ends meet.
These findings, from a recently released NCLR national poll, show the concerns of a thriving, young community that is estimated to make up almost a third of the U.S. population by 2060.
While Latino voters are optimistic about the state and future of the economy, there is a high level of insecurity about both their short- and long-term financial well-being. The community’s top concerns reflect this dynamic—Latino voters said the three economic issues that a new president and Congress must address are job creation, student debt, and Social Security.
The future of Social Security will disproportionately impact Latino retirees. This is because 60% of Latinos work for an employer that does not offer a retirement plan. Moreover, Latinos who have access to a plan at work do not participate at the same levels as their non-Latino counterparts. As a result, 52% of Latino retirees draw 90% of their income from Social Security.
On October 14, NCLR joined hundreds of Social Security advocates in front of the Fox News office to deliver a message to the final presidential debate moderator, Chris Wallace. The request of Chris Wallace was that he ask a question on Social Security at the October 19 debate, a topic that hadn’t been addressed in the first two debates. The team unfurled banners that said “Give U.S. A Plan for Social Security” and held signs with “Take A Stand” written on them, while two people representing the AARP carried boxes holding 1.4 million signatures supporting a conversation about Social Security at the debate and delivered them to the office building.
The U.S. Social Security Administration is celebrating Hispanic Heritage Month this year with some informational retirement resources for Latinos in both English and Spanish.
It’s never too early to start saving for retirement, yet as a group, Latinos have historically low participation in retirement savings plans. Hispanics overall tend to have less access to employer-sponsored retirement plans; in fact, about two-thirds of Latinos work for companies that do not offer a retirement plan.
Saving for retirement from an early age helps retirees put themselves in a stronger financial position, and because it’s never too early to start saving for retirement, the new retirement estimator from the Social Security Administration provides an estimate of your Social Security retirement benefits to help you plan.
The Social Security Administration also teamed up with Don Francisco from Sábado Gigante to help spread the word about the importance of saving for retirement and the Spanish-language resources the Social Security Administration has for Latinos.
This Hispanic Heritage Month, do the smart thing and start planning for your retirement!