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S4 - Ownership. Choice. Personal Accounts.
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SS 210: Social Security and Minorities

The structure of the Social Security system unfairly burdens minorities, especially African-Americans. Workers pay Social Security taxes over the entire course of their working life, but they are only allowed to collect full retirement benefits at age 67. That means a worker who dies before reaching 67 collects no benefits and loses all their money, a worker who dies at 68 only collects one year’s worth of benefits and loses the remaining 12.4% of the lifetime earnings he or she paid in Social Security taxes, and so on. African-Americans tend to have lower life expectancies than other people: 1 in 3 young black men will not live to age 65 making them the least likely to collect the full value of the hard earned money they paid into the Social Security system.7

Conversely, with personal accounts, workers would own their retirement savings so, no matter what their life expectancy, they can retain their hard-earned salary and pass it along to their children.

    The Basics
SS 101: An Issue for Young Americans
SS 102: The Financial Crisis
SS 103: The Solution through Personal Retirement Accounts
Core Classes
SS 200: SS and Young People
SS 210: SS and Minorities
SS 220: SS and Women
SS 230: SS and Low-Income Earners
SS 240: Personal Accounts and Disability Insurance
Junior Electives
SS 300: The Theory of Ownership
SS 310: The Theory of Choice
SS 350: The Theory of Social Insurance
Do the Math
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Resources and Footnotes
Frequently Asked Questions
Suggested Reading
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