national urban league national urban league policy institute webinar why social security matters to...
TRANSCRIPT
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National Urban League
National Urban League Policy Institute WebinarWhy Social Security Matters To African Americans
Thursday, June 28, 2012
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National Urban League
MODERATOR
Valerie Rawlston Wilson, Ph.D.
Vice President, Research
National Urban League Policy Institute (NULPI)
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National Urban League
AGENDA
Moderator: Valerie Rawlston Wilson, Ph.D., Vice President, Research, NULPI
Panelists: Opening Remarks: Chanelle Hardy, Executive Director, NULPI
Remarks: Darnell Williams, 1st Vice Chair, Association of Urban League Executives
Remarks: Jennifer Clark, Income Security Project Coordinator, NASI
Perspective from NUL Young Professional: Brandi Richard, President, NUL Young Professionals
NULPI Survey Findings: Valerie Rawlston Wilson, Ph.D., Vice President, Research, NULPI
National Policy: Dan Adcock, Director of Government Relations and Policy, National Committee to Preserve Social Security and Medicare
Next Steps –Messaging: Hilary Doe, Vice President, Programming & Operations,
The Roosevelt Institute Q & A
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National Urban League
Chanelle P. Hardy Esq.
Senior Vice President and Executive Director
National Urban League Policy Institute (NULPI)
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National Urban League
Darnell L. Williams
First Vice Chair – Association of Urban League Executives
President and CEO
Urban League of Eastern Massachusetts
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National Urban League
Jennifer Clark Income Security Project Coordinator
National Academy of Social Insurance (NASI)
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National Urban League
Brandi RichardPresident
National Urban League Young Professionals
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Preliminary Findings from NULPI-YP Social Security/Personal Financial Security Survey
Valerie Rawlston Wilson, PhDVice President of Research
National Urban League Policy Institute
National Urban League
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• Predominantly female (71.2%)• Highly educated -- 91.7% have bachelor’s
degree or higher• Most are age 26-35 (67.8%) – middle of YP age
cohort of 21-45• Most are single/never married (80%)
Demographics of Survey Respondents
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Perceptions About the Strength of Social Security
3%
55%
42%
a) Social Security will be available at its current level or better when I retire.
b) Social Security will be available, but not at its current level--I will have to work a lot longer to get much lower retirement benefits.
c) Social Security WILL NOT be available when I retire.
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Have you or anyone in your immediate family ever received Social Security benefits?
a) Yes, Retirement benefits
b) Yes, Disability benefits
c) Yes, Survivor benefits
d) No e) I don't know
44.8%
27.5%
16.0%
35.0%
6.0%
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How often do you provide financial assistance to a family member receiving Social Security?
a) Never; 51%
b) 1-2 times in a year; 16%
c) 3-5 times a year; 13%
d) More than 5 times a year; 20%
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Policy Attitudes – Extend Payroll Tax Holiday?
60%
40%
a) The payroll tax break should be allowed to expire at the end of this year, as scheduledb) The payroll tax break should be extended beyond the end of this year
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Policy Attitudes – Proposals to Extend Solvency
Eliminate the cap on Social Security payroll contributions so that earnings above $110,100 are taxed as well
A small and gradual increase in the payroll tax rate paid by both workers and employers
Increase the eligibility age for full retirement benefits above age 67
Reduce the Cost of Living Adjustment (COLA)
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
78.5%
47.8%
22.6%
23.9%
8.7%
32.8%
66.3%
48.8%
12.8%
19.4%
11.1%
27.3%
I don't know Disagree Agree
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Policy Attitudes – National Economic Priorities
Generating robust economic growth and job creation, even if it means increased spending
Reinforcing the financial stability of social insurance programs like Social Security the provide important economic support to all working
Americans
Avoiding any tax increases at the end of the year
Reducing the national deficit through a combination of spending cuts and tax increases
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
42.9%
12.2%
17.9%
17.3%
16.6%
35.4%
19.6%
22.6%
18.3%
33.9%
30.1%
29.2%
22.2%
18.6%
32.4%
30.9%
4 3 2 1
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How confident are you that your current retirement planning strategy will sufficiently fund your retirement?
a) Not confident at all; 34.8%
b) Somewhat con-fident; 51.6%
c) Very confident; 13.6%
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Do you have a private disability or life insurance policy?
3%
31%
17%
49%a) Yes, I have private disability insuranceb) Yes, I have private life insurancec) Yes, I have bothd) No, I do not have either
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a) An employer-provided pension or defined-benefit
plan
b) A private defined-con-tribution plan (e.g. 401k,
403b, IRA, etc.) that I fully fund
c) A private defined-con-tribution plan with em-
ployer contributions
d) I do not have a re-tirement savings plan
38.6%35.8%
44.1%
17.3%
Participation in Retirement Savings Plans
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Eligibility for Employer Matching
25%
65%
10%
a) Yes, but not enough to receive the max-imum match allowedb) Yes, and I receive the maximum match al-lowedc) No
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Income & Wealth
$0-$24,999
$25,000-$44,999
$45,000-$64,999
$65,000-$84,999
$85,000-$104,999
$105,000 or more
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0% Annual Income
$0-$49,999 $50,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000-$499,999
$500,000 or more
I don't know0.0%5.0%
10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%
Net Worth
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Assets
a) Yes39%
b) No61%
Homeowner
a) Yes62%
b) No38%
Other assets
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Debt
a) Student Loan b) Mortgage c) Auto Loan d) Credit Cards Other (please spec-ify)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
80.8%
35.6%
43.5%
69.7%
6.2%
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Access to Financial Planning Services
a) Yes16%
b) No84%
Do you have a will or liv-ing trust?
a) Yes64%
b) No36%
Have you ever taken a financial literacy course?
a) Yes35%
b) No65%
Do you have a financial planner or an accountant?
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Conclusions
• Lack of confidence in Social Security, but clear evidence that it is and will be important
• Policy attitudes are consistent with majority of Americans
• Hopefully, participation in the survey has led some to think about plans for the future & the important role Social Security plays
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National Urban League
Dan AdcockDirector of Government Relations and Policy
National Committee to Preserve Social Security and Medicare
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National Urban League
Hilary DoeVice President
Programming and OperationsThe Roosevelt Institute
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National Urban League
Q & A ?
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National Urban League
On Behalf of the National Urban League Policy Institute
THANK YOU FOR PARTICIPATING IN THE WEBINAR !
Download Why Social Security Matters to African Americans brochure at
www.iamempowered.com/departments/policy-institute