Structural Problem #4 with Social Security

It disproportionately effects blacks and other minorities:

Private investment would pay low-income workers significantly higher benefits than Social Security can pay. And that does not take into account the fact that blacks, other minorities, and the poor have below-average life expectancies. As a result, they tend to live fewer years in retirement and collect less in Social Security benefits than do whites.

Excerpted from Chapter 17, Cato Handbook for Policymakers, 7th Edition (2009).