Benefits November 3, 2006

Hispanics Lack Retirement Savings

November 3, 2006 (PLANSPONSOR.com) - A joint survey from Americans for Secure Retirement (ASR) and the Latino Coalition has found that 70.9% of Hispanic adults have less than $5,000 saved for retirement.
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According to an ASR press release on the survey findings, this lack of savings is true for Hispanics in all age groups. Almost seven in ten (69.4%) of those surveyed over age 40 have less than $5,000 in retirement savings, and 72.5% of those over age 55 said the same.

In addition, a majority of Hispanic workers are not offered retirement benefits at the workplace, ASR said. Sixty percent of the 1,000 Hispanic adults surveyed said they are not offered a 401(k) plan by their employer. ASR said this finding indicated few Hispanics were likely to have access to any retirement benefit at their workplace.

Of those respondents who were registered voters, 64% said Social Security and pensions would not provide enough income for retirement. Respondents were not opposed to looking to Congress for help, as 72% said they would support a proposal providing tax incentives for people to invest in retirement vehicles such as lifetime annuities that provide a steady stream of income for life.

More information about ASR and the survey can be found at www.paycheckforlife.org .

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