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 .
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