New AARP study of older Latino workers

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The AARP released a new study today examining the older Latino work force and how these workers stack up to their white and African American counterparts.

Latinos ages 50 to 69 are among the fastest-growing segments of the graying population and should make up one-fourth of all older Americans by 2050, according to the study. Of the 5.6 million Latinos in that age group living in the U.S., 3.2 million were employed in 2007.

Together, they earned $126 billion, a figure expected to soar to $892 billion by 2050.

Among older Latino men, 71% had jobs or were looking for work, roughly the same percentage as their white male peers. About 55% of older black men are employed.

Slightly more than half of Latinas had work, compared to 58% of older white women and 55% of older black women.

The study found that “mature” Latino workers were dependable and rarely missed work, in part because lower wages and lack of paid leave made taking time off difficult.

Older Latino men who worked full time earned a median annual amount of $30,400, compared to $50,600 for whites and $36,400 for blacks. Older Latinas made $24,300, while white women made $36,400 and black women made $31,400.

Fewer than half of all older, employed Latinos had a health care plan through their employers from 2006 to 2008, compared to 62% of blacks and 65% of whites. American-born Latinos had higher coverage rates than immigrants – 59% compared to 43%,

Employers sponsored retirement plans for 38% of older Latino workers, compared with 55% of black employees and 62% of white employees.

The full AARP report on older Latinos at work is here.

-- Tiffany Hsu