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Preparing for Retirement, Social Security Literacy and Information preferences among Hispanics: A Qualitative Study

General Information

Title
Preparing for Retirement, Social Security Literacy and Information preferences among Hispanics: A Qualitative Study
Author
Lila Rabinovich, Janice Peterson, Barbara Smith, Tania Gutsche, and Mallory Montgomery
Publication Type
Working paper
Outlet
CESR-Schaeffer Working Paper Series
Year
2016
Abstract
Hispanics now comprise the nation’s largest minority group at 17 percent of the population, with a projected increase to 29 percent by 2060. While on average very young, the Hispanic population is also growing older and set to substantially increase the share of Hispanics among Social Security beneficiaries in the next three decades. At the same time, compared to other population groups in America, Hispanic adults have the lowest rates of high school and college graduation, are concentrated in low-wage jobs, and have lower incomes and health insurance coverage. Despite Hispanics’ lower socio-economic status, their life expectancy is greater than that of other population groups. Because of these trends, increasing Hispanics’ understanding of Social Security and their retirement literacy more broadly is important for both Hispanics and for the Social Security Administration (SSA). In this paper, we report findings on the differences and similarities across descent groups (Mexican, Puerto Rican, Cuban) and language groups (English-speakers, Spanishspeakers) in retirement preparedness, Social Security literacy, and preferences for receiving information on retirement and Social Security. This study finds low levels of selfreported retirement preparedness and Social Security literacy overall. We find differences across descent and language groups in self-reported retirement preparedness and in knowledge of Social Security programs and benefits. In terms of information preferences, the qualitative data shows Hispanics across descent and language groups would choose to receive Social Security-related information primarily through email, physical mail and via the SSA website. We also find some suggestive differences in information preferences among these groups.