Refresh your driving skills and you could save on your auto insurance! Sign up for the AARP Smart Driver course.
AARP Colorado, June 8, 2010
While the private pension system has provided retirement security for millions of Americans, African American and Hispanics often get left behind. Tackling this disparity and working to improve retirement security for all must become a greater priority, say AARP officials.
Even during strong economic times, communities of color tend to lag in creating wealth and retirement security. As the economic recovery begins, blacks and Latinos are finding themselves further behind in creating economic security in their older years, said Roberto Rey, Colorado AARP Multicultural Director.
“We must build a retirement system that enables all American workers to retire with dignity,” he said. “We can’t afford to allow large segments of our population to spiral into poverty after years of hard work.”
AARP and the Ariel Education Initiative joined forces this week during a retirement conference in Washington D.C. to explore the role race and ethnicity plays in achieving retirement security. Leading experts and policymakers discussed the various behaviors and barriers that cut into retirement savings along racial lines.
“Retirement insecurity is becoming more problematic among all Americans, but for African and Hispanic Americans, this is especially problematic,” said Jean Setzfand, director of financial security for AARP.
Melody Hobson, spokeswomen for Ariel Education Initiative, said, “We are grateful that AARP, a world-class leader in this area is joining the fight.”
The U.S. Labor Department has developed a variety of resources to enhance retirement security for diverse communities nationwide and is encouraging the discussion. Many members of Congress are working to enhance financial literacy, increase transparency around retirement plans and ensure Americans are given the necessary tools to make the best decision for their futures, according to the Department of Labor’s Deputy Assistant Director Michael Davis.
“Historically, minorities have been at a disadvantage,” said Rep. Ruben Hinojosa, a senior member of the House Education and Labor Committee. “I’m working closely with my colleagues in Congress on proposals to establish financial literacy enters in districts throughout the country.”
Please leave your comment below.
You must be logged in to leave a comment.
Get tips and resources to protect yourself from fraud and see the latest scam alerts in your state.
Members save 15% on in-store purchases of frozen yogurt, treats and apparel.
Exclusive program for members from The Hartford.
AARP members receive exclusive member benefits & affect social change.
You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits.
Your email address is now confirmed.
Manage your email preferences and tell us which topics interest you so that we can prioritize the information you receive.
Explore all that AARP has to offer.
In the next 24 hours, you will receive an email to confirm your subscription to receive emails
related to AARP volunteering. Once you confirm that subscription, you will regularly
receive communications related to AARP volunteering. In the meantime, please feel free
to search for ways to make a difference in your community at