New Poll Shows Hispanic Americans Vulnerable in Retirement: Lack Savings, Employer Benefits

“Americans for Secure Retirement (ASR) and the Latino Coalition today released a poll whose results show that America’s Hispanic community faces significant challenges in preparing for a financially secure retirement because of low level of savings and limited access to employer retirement plans such as 401(k)s.

The poll found that 7 out of 10 Hispanics have less than $5,000 saved for retirement outside of Social Security and that a majority are not offered 401(k)s, the most common retirement benefit offered by employers. The survey also revealed that 64% of Hispanics are not confident that Social Security and pensions will provide sufficient income for retirement.

“These findings highlight the reality that a majority of Hispanics living in the U.S. are not prepared for retirement and are highly vulnerable to poverty in old age,” said Hector Barreto, Chairman of the Latino Coalition. “It is time for Congress to find ways to address the retirement security needs of Hispanics.”

One retirement policy tool that garnered support from those interviewed was tax incentives for people to annuitize their savings or assets through retirement vehicles such as lifetime annuities that provide a steady stream of income for life. Nearly three quarters of those interviewed — 72% — said they would favor such an incentive.

“The fact that nearly two-thirds of Hispanic American voters doubt that Social Security or pensions will be enough to carry them through old age means that retirement policy will increasingly become an important issue for Latino voters,” said John McLaughlin, Founding Partner, McLaughlin & Associates/Latino Opinions.”

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