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Latinos for a Secure Retirement

In 2005 LCLAA and several national Latino organizations came together to form Latinos for a Secure Retirement, a coalition to protect the economic security of Latino seniors and raise awareness about misguided proposals to reform Social Security.  Among them was the consideration of private accounts as an alternative to Social Security promoted by the Bush Administration.

LCLAA along with our allies representing more than 50 million Latinos in the United States traveled across the country, holding a series of town halls and seminars to inform Latinos about the privatization of Social Security to the present and future economic wellbeing of our community.  Now, as we confront a time of economic insecurity, widespread job loss and a record-high deficit, many politicians in Washington are targeting Social Security as part of a misguided effort to reduce the nation’s deficit. Under the premise that Social Security is financially unsustainable, critics are demanding deep cuts to Social Security. They want to raise the retirement age. They want to deny seniors a full cost of living increase.

Advocates of these proposed changes neglect the impact such changes would have on poverty among our elderly, disabled, orphans, and the widowed.  6 out of 10 whites over 65 have some type of retirement account while only 1 out of 10 Latinos over 65 have any type of retirement account at all. Without Social Security, the poverty rate among Latino elderly would triple.

This is why we are re-launching Latinos for a Secure Retirement.  The purpose is to fight to protect and expand benefits and resist any increases in the retirement age.

When it comes to retirement security, Latinos have much to lose. Although the Latino workforce is represented in various sectors of the U.S. economy, they tend to work in jobs that lack traditional retirement options and tend to earn a lower income.  This limits the economic resources available to them to prepare for retirement.

A cut in social security will be an attack to the future of the Latino community. Instead of cutting a beneficial program that has not contributed to the national deficit we must fortify it in order to protect the well-being of our nation’s elderly and our own.

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