Posted by Elena del Valle on October 13, 2010
By Romano Richetta
Senior Vice President, Participant Services, TIAA-CREF
Romano Richetta, senior vice president, Participant Services, TIAA-CREF
Baby Boomers, move over! Within the next 40 to 50 years, a very large number of Americans entering retirement will be Hispanic.1
Hispanics are younger than the general U.S. population; today less than 6 percent of U.S. Latinos are in retirement age less than half the percentage for non-Hispanic whites.2
Unfortunately, many Hispanics will not be prepared financially for retirement.
An October 2009 report of the Hispanic Institute and the Americans for Secure Retirement coalition found that only 25 percent of Hispanics are covered by employer-sponsored retirement plans, compared to 42 percent of non-Hispanic whites and 40 percent of African-Americans. When they reach retirement age, Hispanics often find that their savings do not stretch far enough; on average, Hispanics spend more than half of their retirement income (54 percent) on food and housing, while non-Hispanic white retirees spend just 11.4 percent of retirement income on these items, the report states.
Click here to read the entire article Making Retirement Planning Household Words for U.S. Hispanics, Latinos