- Author: Forbes.com by Ted Knutson
Latinos are facing a deeper retirement crisis than other ethnic groups because of lower access to workplace savings plans and other job-related disadvantages in accumulating nest eggs, reports the National Institute on Retirement Security and UnidosUS in a new study.
“Retirement plan participation rate for Latino workers (30.9 percent) is about 22.1 percentage points lower than participation rate of White workers (53% percent), because Latinos face higher access and eligibility hurdles,” the researchers from NIRS and UnidosUS find. Unidos was formerly known as the National Council of La Raza.
In 2014, 53.7 percent of Latinos 21 to 65 who worked...
- Author: CNN Money by Tanzina Vega
When it comes to saving for retirement, Hispanics have a lot of catching up to do.
According to data from the Economic Policy Institute, only 26% of Hispanic families had savings in a retirement plan like a 401(k) or IRA, in 2013. Meanwhile, 65% of white families and 41% of black families and 58% of Asian families and those of other races had savings in such accounts.
Part of the reason for this gap is that many Hispanics, particularly those that work in low wage jobs, don't have access to retirement plans, said Monique Morrissey, an economist at the EPI who analyzed data from the Federal Reserve for...
- Author: Mass Mutual Financial Group
A new survey from Massachusetts Mutual Life Insurance Company found that compared to the rest of the population, Hispanics are working harder to secure their financial futures. In every way measured in this research, Hispanics are more invested in their own financial future than the general population. The study found that 65 percent of the general population reported that they leave their financial well-being up to chance. U.S. Hispanics, however, leave less to chance (61 percent). The research seeks to shed light on how prepared U.S. Hispanics are for their financial future vs. all...
- Author: Elizabeth Llorente, Fox News Latino
Nearly 70 percent of Latino working-age households have no assets in a retirement account, and 62 percent of Latinos between the ages of 25 and 64 do not have employer-sponsored retirement plans. That is higher than the percentage of people in other major ethnic/racial groups. The percentage for whites was 37 percent.
About 38 percent of Latino employees ages 25-74 had a retirement plan through...
- Posted By: Myriam Grajales-Hall
- Written by: Paul Kleyman for California Progress Report
Two-thirds of middle-aged Californians worry that they won’t be able to cover the enormous cost of nursing home care – now over $70,000 a year – and Latinos in particular feel vulnerable, according to a report the SCAN Foundation and UCLA’s Center for Health Policy Research.
The researchers examined how middle-aged voters are preparing for health and long-term care issues. The number of Californians age 60-plus will nearly double to 12 million people in the next 25 years.
Regardless of political party or income level, survey participants “were worried about the costs of growing older,” says the UCLA summary. “Two-thirds (66 percent) of respondents said...