The AFL-CIO unveiled a new analysis that shows how Marco Rubio’s proposals to change Social Security will negatively impact retiring Latino workers, leaving many of them in poverty.
The analysis, which uses data from many different sources such as the Economic Policy Institute, the Social Security Administration, AARP, and Marco Rubio’s own campaign website, demonstrates that Rubio’s proposals would affect Latino retirement security, leaving nearly half of them in poverty.
Twenty-five percent of Latinos in Florida receive Social Security benefits and, for many older Latinos, Social Security is their only source of income.
Among the top findings:
- Marco Rubio’s proposal to increase the full retirement age is a benefit cut for everyone, but older Latinos are especially vulnerable to this change because more than half of older Latino workers hold physically demanding jobs. Just increasing the age from 67 to 68 creates a 7% benefit cut. Further increasing it to 70 creates a 20% cut.
- Marco Rubio wants to change how Social Security benefits are calculated and proposes cutting benefits for “upper-income seniors.” In reality, this change cuts benefits for workers making as little as $40,000 per year, hitting as many as 7-in-10 workers when they finally do retire.