Retiro Feliz: Hispanic Americans On Track for Retirement

May 8, 2008 ( - A Prudential Financial poll found retirement security is a top goal for most Hispanic Americans and many are on track to achieve it.

A press release on Prudential’s “Hispanic Americans on the Road to Retirement” research report said nearly all survey respondents (90%) ranked retirement security as an important goal, and two-thirds (64%) said they have savings earmarked for retirement. More than half (54%) are saving through a workplace retirement plan, according to the release.

The study found 81% of Hispanic American households with an annual income greater than $50,000 are putting aside money for retirement, and 45% of that group have already saved $100,000 or more. Of all survey respondents, more than a third of those actively saving for retirement have reached $100,000 in retirement savings.

Hispanic Americans can still do more to ensure “una retiro feliz” however. Eight in 10 indicated they believe a successful retirement depends on careful planning, but two-thirds lack a formal financial plan, or the help of a financial adviser. Only one in three reported having a financial adviser; however, those with a professional adviser relationship are nearly four times as likely to have a formal financial plan.

Those working with an adviser also have a higher tendency to contribute to a retirement savings account (85% versus 54% of those without an adviser).

The research report is here .