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Tags: population, UCLA
Knowledge is Power!
LOS ANGELES, California – A national research project–A New Latino Agenda: Realities on Aging, Diversity, & Latino Financial Security–has released its latest policy report, “Who Are the Latino Baby Boomers? Examining the Demographic and Economic Characteristics of a Hidden Population.” Authored by researchers Zachary D. Gassoumis, Kathleen H. Wilber and Fernando Torres-Gil, the report looks at the historic convergence of aging baby boomers and the burgeoning Latino population. It also explicitly examines the people who fall into both categories: the Latino Baby Boomers, a population that the researchers say are largely invisible with little known about their socioeconomic characteristics.
According to Torres-Gil, “there is a dearth of information about the 10% of baby boomers who are Latino and for that reason we are delineating an ambitious research agenda to assess the implications that their aging will have for public policy, healthcare, business, communities, families, and individuals. This study is the first step toward closing the critical information gap about Latino Baby Boomers. We do know that Latino Baby Boomers experience a ‘cumulative disadvantage’ by the time they enter old age and retirement. However, much more research remains to be done before we know the full extent of their impact on society.”
The report starts with what is known: the United States is experiencing two concurrent dramatic and profound demographic changes. One is greater longevity and the second is the increasing diversity among the population. The 80 million baby boomers, those who were born between 1946 and 1962, are the largest generation in U.S. history. By 2030, the number of Americans aged 65 and older will be more than 65 million, making up 20% of the whole U.S. population.
Just as the “Graying of America” is occurring, the researchers point out that cultural diversity is a significant demographic trend. By 1997, 28% of the U.S. population was comprised of racial and ethnic minorities. Latinos, who are now the nation’s largest minority group, will make up 24% of the U.S. population and 16% of the older adult population by 2050.
Who are the Latino Baby Boomers?
The report notes that only very broad characteristics are known about Latino Baby Boomers and, as a result, it is difficult to draw clear conclusions. How this may affect retirement security is also an unknown factor. The level of detailed information and in-depth analyses has yet to be found and conducted. It is known that Latino Baby Boomers follow a similar track to the general population in terms of wealth, income, replacement rates, and poverty. While poverty rates for Latino Baby Boomers are slightly higher than for boomers in general, this disparity is less for the Latino Baby Boomers than previous generations of Latino elders.
There are a number of key research questions that need to be addressed in order to shed light on this virtually unknown population. These include the following:
• How much do Latino Baby Boomers have in assets compared to the larger baby boomer generation?
• What are their savings rates?
• What is the rate of their homeownership and mortgage debt?
• How prepared are Latino Baby Boomers for retirement?
• What effect will they have on Social Security and Medicare?
Just as important are the social indicators that will affect them in retirement as well as the effects of immigration and cultural assimilation. The implications for public policy are tremendous on several levels as the Latino Baby Boomers enter the “retirement zone.”
Wilber acknowledges that the U.S. population as whole will have their own questions as the effects of this massive demographic shift are felt throughout society. “It is only with well-researched, data-driven answers,” says Wilber, “that we can begin to prepare for the retirement of the Latinos in the baby boom generation. That’s what this new research project is all about. We hope to clarify who this invisible minority really is and how it will affect us in the future.”
For more information, please go to: www.spa.ucla.edu/main2.cfm?d=xr&f=cpra.cfm&s=Research
“A New Latino Agenda: Realities on Aging, Diversity, & Latino Financial Security” is a collaborative two-year research project of the UCLA Center for Policy Research on Aging, the USC Ethel Percy Andrus Gerontology Center and the UCLA Chicano Studies Research Center. Funded by the Ford Foundation, the project is working in partnership with the National Hispanic Council on Aging, the National Council of La Raza and the National Association of Latino Elected and Appointed Officials.
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