Retirement

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Hispanics are particularly vulnerable in their preparation for retirement.

  • Hispanics by and large do not participate in private pension plans, since the majority work independently or for small employers, a segment that rarely offers private retirement benefits.
  • In the case when a private plan is offered, many do not participate
  • Financial products that address the financial education needed in order to participate in long-term savings programs considering Hispanic’s cultural needs are scarce
  • Hispanics receive pensions from SSA that are lower than average
  • Lower earnings, shorter periods of coverage, lower density of coverage, affect the average pension.
  • The lack of reciprocity agreements between the SSA and the majority of Social Security systems in Latin America impacts the period over which pension benefits are calculated for foreign born Hispanics.
  • No private plans, lack of vehicles to save and the expectation of lower or no social security benefits provide for a grim outlook.

We can help with retirement education and solutions to target your Hispanic segments.